Thursday, December 18

Who says the Swiss don't have a sense of humour?

Credit Suisse has got itself in trouble with its shareholders, who blame the bonus-heavy bankers for tanking the share price.

The bankers seem to have managed cleverly to have a system where they get huge bonuses for themselves, no matter how inept they actually are. So the investment bankers are still due big payouts. Credit Suisse has set these bonuses this year to be part of a bonus fund, which is linked to assets with a notional value of 5bn Swiss francs.

That's notional. These are the credit-crunched mortgages and debts - potential value, nothing at all. But then again, if they haven't produced any wealth (magically, from nowhere, as they claimed to do) they shouldn't have the bonus anyway...

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