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Thursday, December 18, 2008

Credit Suisse Will Pay Bonuses With Illiquid Assets

Put another way, Credit Suisse is basically admitting they've got more crap than cold hard cash... and will henceforth be paying out in crap.

'Illiquid' is Wallstreet speak for 'worthless'. If you don't believe that, I've got a fund for you called the Super Hyper Madoff Ponzi Ultra fund that just can't loose...

Credit Suisse to Use Illiquid Assets to Pay Bonuses (Update1): "Credit Suisse Group AG’s investment bank has found a new way to reduce the risk of losses from about $5 billion of its most illiquid loans and bonds: using them to pay employees’ year-end bonuses.

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 new policy applies only to managing directors and directors, the two most senior ranks at the Zurich-based company, according to a memo sent to employees today.

“While the solution we have come up with may not be ideal for everyone, we believe it strikes the appropriate balance among the interests of our employees, shareholders and regulators and helps position us well for 2009,” Chief Executive Officer Brady Dougan and Paul Calello, CEO of the investment bank, said in the memo.

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.

“It’s monstrously clever,” said Dirk Hoffman-Becking, an analyst at Sanford C. Bernstein Ltd. in London who has a “market perform” rating on Credit Suisse stock. “From a shareholders’ perspective it’s great because you’ve got rid of some of the assets and regulators will be pleased because you’ve organized a risk transfer.” "


Anonymous said...


Anonymous said...

It’s monstrously clever,”

Does that not sum up every damn thing they have done on Wall Street lately...

I would think any rational person reading the article would say " well if the crap assets were there because of the execs looking for thier bonuses...they get what they have coming....crap!"

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Helen said...

I'd call this karma. So diametrically opposed to the actions of AIG. Credit Suisse won't pay huge retention bonuses because they know their employees won't be able to find employment elsewhere. Watch the bankers protest "creative valuations" when they, not the taxpayers, are on the receiving end.

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Anonymous said...

sorry but your information here is only partly correct.....
it does ONLY effect employees.... Directors and MD`s in INVESTMENT BANKING not the other departments which are still the majority of the workforce.


Anonymous said...

to Helen....

again only partial accurate.....
I received a 20% raise in august and mý bonus will be only 20% below last years level.........which is still a lot more than most other collegues in the industry will receive.
And nobody is protesting so far....
CS has treated their people very well so far.

Anonymous said...

Partner Asset Facility.....PAF´s portion of the overall bonus compensation is between 15 and 35%
The majority is still paid in cash
and for 80% of the global workforce absolutely nothing has changed.
The cash and CS share allocation percentages have been left untouched.
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