Bonus? Sure! How about some of this toxic paper?
The bank will use leveraged loans and commercial mortgage-backed debt, some of the securities blamed for generating the worst financial crisis since the Great Depression, to fund executive compensation packages, people familiar with the matter said.
The securities will be placed into a so-called Partner Asset Facility, and affected employees at the bank, Switzerland's second biggest, will be given stakes in the facility as part of their pay. Bonuses will take the first hit should the securities decline further in value.
Oh, Credit Suisse, I think I love you.
Credit Suisse to Use $5 Billion of Illiquid Assets for Bonuses [Bloomberg]