Thursday, December 18, 2008
All I want for Christmas is some triple-B CMBS
For those senior bankers bemoaning the fact that they were not awarded a bonus this year take heart – things could be worse. You could be working for Credit Suisse.
The good news is that the Swiss bank decided to pay employee bonuses for 2008. The bad news is that they decided to pay them with illiquid leveraged loan and CMBS debt that no-one else will touch with a bargepole.In something of an understatement, investment banking chief executive officer Paul Calello admitted in an internal memo...
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