Lunchtime Links: Now Credit Suisse's toxic bonuses appear to be LOSING money

Nothing can be taken for granted when it comes to the toxic bonuses Credit Suisse awarded in early 2009.

For the whole of last year, the Credit Suisse toxic bonus pool reportedly made a very handsome annual return of 72%. Now, Financial News reports that the total return since last year's inception is 60%, implying a reduction of around 7% since January.

Although interest is paid out annually at 2.5%, recipients of the toxic bonuses can't realise any gains (or losses) until 2013.

This year's decline may help salve any regrets from the various Credit Suisse bankers whom headhunters insist left in a storm of disgruntlement after the toxic bonus scheme was announced. According to some of the scheme's detractors it's incredibly opaque and very susceptible to losing its value.

"You can use client activity as a cover for basically anything you are doing." (DealBook)

New FSA regulations will make it harder to shift assets between the trading book and the banking book. (The Times)

Deloitte thinks its revenues might rise 7% this year. (Financial Times)

Is Dick Fuld capable of making ANY money outside Lehman? (CNN)

Irish banks' vicious circle. (Bloomberg)

Credit Agricole did surprisingly well. (WSJ)

Prepare for the age of financial oppression. (Pragmatic Capitalist)

People hate generosity as much as mean spiritedness. (Economist)

The evolution of the A level (Fintag)