Under the plan, Credit Suisse is to give its top bankers shares in a new $5bn fund of illiquid assets. The move is intended to link pay to the long-term performance of credit markets and limit the bank??s exposure to the securities.
The law firm Dreier LLP yesterday filed for bankruptcy protection after its founder was jailed and accused of cheating hedge funds out of more than $100m.
Bernard Madoff had confessed to employees that his investment advisory business was ??a giant Ponzi scheme? that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment.
GMAC said it could drop its attempt to become a bank holding company after failing to raise the capital needed, casting doubt on its ability to survive the financial crisis.