Revenge That's Made of Awesome
Credit Suisse decided to give its top executives an unconventional bonus this year in the form of sub-prime mortgages. Not only does the bank get to write off these bad loans, but now the people responsible for it have it as a very personal problem. Forcing the execs to eat the same garbage that they fed to everyone else is pure genius (not to mention great PR).
h/t: Consumerist
Jesse
Shauna
Looks like we can learn something from the Eurpeans
Opps, Europeans
I don’t know what your post is about but I have to mention here that I had a Credit Suisse bank account one time.
Here is how I see it. The BOD was upset over failing sub prime loans and turned their anger on those that were responsible for granting those loans (the execs). Instead of giving them bonuses in cash as they normally would, they gave them the responsibility of collecting their money (bonuses) from dead beats that had been granted those failing sub-prime loans. The beauty is that the execs find out first hand how unprofitable such loans are. Brilliant natural consequences