U.S. banks may try out Credit Suisse's distressed asset bonus fund

08/7/2009 | Wall Street Journal, The

Banks and other financial institutions in the U.S. with large exposure to distressed assets, including nonperforming commercial real estate loans, soon might warm to an idea first tried out by Credit Suisse. The Swiss bank put $5 billion worth of illiquid and distressed assets into a fund to be used to pay employee bonuses. Banks in the U.S. have been watching to see how the Credit Suisse fund worked out, but that could change, said Gary Goldstein, president of the Whitney Group. "I think you'll see some plans like that [in the U.S.] at the end of the year," he said.

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