Just Foreign Policy Iraqi Death Estimator    

Sunday, November 18, 2007

Creative pay packages for top officials of subprime mortgage company

Source: International Herald Tribune
Things aren't going very swimmingly for investors in NovaStar Financial, a subprime mortgage originator in Kansas City, Missouri. Its stock plummeted last week on news that the company lost $64.05 a share in the third quarter, that it had canceled its preferred stock dividend and that it was no longer able to reap the tax advantages of a real estate investment trust...
...Happily, though, there is one NovaStar constituency that is doing just fine - the top executives and co-founders. Over the years, they have pocketed millions in compensation, based largely upon loans that probably should never have been made.
LinkHere

0 Comments:

Post a Comment

<< Home

free hit counter