My brother was right to point out that the bankers aren't that smart over all as the credit crisis has shown vividly. Leveraged on Other People's Money (OPM), they invest on high-yield risky assets. For a while, well, they made a lot of money and hence huge bonuses. But when the bubble burst and their investment turn into toxic waste, their client lose big - but they will keep the bonuses.
That's why it is lovely to hear Credit Sussie has recently changed their bonus plan. Rewarding the bankers with the same toxic asset they have cooked is just a good start.
Three Cheers to Credit Suisse!
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