Wednesday, November 17, 2010

Chairman of Credit Suisse

The Chairman of Credit Suisse has passed away. Didn't realize that the chairman was a Brooklyn native, didn't realize he was so young, didn't realize he had cancer, but this was the part that really stuck out to me:
Mr. Calello also helped devise a novel plan of paying bankers’ bonuses with the firm’s toxic assets that were clogging the bank’s balance sheet. The plan, which was controversial when it was announced, has been largely successful as assets, like mortgage-backed securities and corporate loans, have increased in value.