Posted on 05/03/2009 7:33:50 AM PDT by george76
Eric Billings, chairman and CEO of Friedman Billings Ramsey Group Inc. and its majority-owned subsidiary investment bank FBR Capital Markets, received $13.8 million in total compensation in 2008 — more than triple his compensation from 2007, according to a Tuesday securities filing. That’s despite the company losing $417.5 million last year, its fourth year of consecutive annual losses.
Billings’ $2 million 2008 bonus was a retention payment, rather than a performance-based bonus. He agreed to forego annual performance-based bonuses for 2008, 2009 and 2010.
FBR Group (NYSE: FBR), which is in the process of changing its name to Arlington Asset Investment Corp., has posted consecutive annual losses since 2005 totaling $1.32 billion. The company has contracted dramatically since 2006, shedding 81 percent of its staff
(Excerpt) Read more at washington.bizjournals.com ...
If $100 had been invested in FBR Group Dec. 31, 2003, it would’ve been worth 17 cents on Dec. 31, 2008.
That's gotta be worth millions in bonuses.
Perfect, I need a long term capital loss offset. /not
Here is another great mutual fund investment from this group, FBRIX:
NAV as of 05/01/2009 1.90
Morningstar Category Mid-Cap Growth
12 Month Low-High $1.43-$9.72
Net Assets ($M) as of 12/31/2008 $13.10
Minimum to Invest $1,000,000.00 ($1,000,000.00 for IRA)
Transaction Fee (online) $75.00
You only need a minimun of a Million $’s to invest, and they have the chutzpa to charge $75 for the transaction.
We owned their small cap stock in the first 5+ years.
I started selling in 2007 and disposed of it that year. I think it may have made the lemon list.
One of FBR’s favorite investments was the whoreacle from Omaha’s fund, Berkshire.
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