Credit Suisse to Pay Bonuses With $5B in Illiquid Assets
A story just posted on Bloomberg says that Credit Suisse plans to pay bonuses to directors and managing directors using $5 billion in illiquid assets. The story says, "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."
Update on the Madoff Scandal (media roundup)
As the dust settles on the Madoff scandal, the SEC blames itself for a decade-long failure to investigate the Wall Street executive. Meanwhile, Madoff is scrambling to find any remaining friends to keep him out of jail. Here's the latest media roundup on the scandal:
Options Trading Surfaces In Madoff Fraud
Analyst warns that liquidity in the options contracts that Madoff was trading could not have supported the total assets ($17 billion) that he allegedly managed.
Madoff: Reflections and Reactions
Many of us who knew Bernie Madoff are reacting personally because he is a part of the market's history and we're disappointed cause he let us down.
Madoff: "The Owner's Name is On the Door"
As everyone in the industry must know by know Bernard Madoff, tk of Bernard Madoff Investment Securities has been arrested for fraud. He allegedly admitted that his firm is just a giant Ponzi scheme---one that lost $50 billion in investors money.
It's ironic that it says this on the firm's Web site, "In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name
Bernard Madoff Arrested: Firm Giant Ponzi Scheme
Wow, I second Ivy Schmerken on this. I nearly fell off my chair when I read this:
"Bernard Madoff arrested over alleged Ponzi scheme"
There aren't too many details yet, but Bernard Madoff, founder of Bernard L. Madoff Investment Securities, was arrested today, according to an article reported in the Wall Street Journal.
Holiday Drinks for the Bailout Season
A PR firm Cognito that caters to financial journalists is hosting a holiday party on Thursday evening with themed cocktails and descriptions that reflect the current events in the news.