Investments

Ex-Credit Suisse mortgage bond trader sentenced

For those interested in perp walks surrounding the mortgage crisis, add another exhibit: a former top executive at Credit Suisse (CS) was sentenced last week to over two years in prison for inflating the value of mortgage bonds. The New York Times has more:

Wearing a dark suit and blue tie, Mr. Serageldin remained stoic as Judge Alvin K. Hellerstein of the United States District Court in Manhattan handed down the sentence, which was less than the roughly five-year sentence called for by nonbinding sentencing guidelines. Judge Hellerstein showed mercy on Mr. Serageldin in part because of what he said was a toxic culture at Credit Suisse and its rivals.

For its part, Credit Suisse has distanced itself from Serageldin's actions, characterizing him as a rogue actor.

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