Goes to Credit Suisse:
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.
I love it. If they go up the execs get a big payoff. If they don’t, at least they are off the banks books. Cash is preserved, the balance sheet strengthens.
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