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mindaugas · Guest

Who wants to discuss Friedman Billings and Ramsey?

the mayor · Guest

His compensation to himself and to his select senior managers is insulting at best. They just laid off 10% of the workforce in february. There will probably be another 10% reduction by july. Most of the people getting laid off are junior level employees or underperforming sales people. In otherwords, they are giving the impression of cutting costs, but in reality they have cut a minimal amount of their overhead. If you look at last quarters results, EXPENSES are bloated and accounted for the majority of the loss. If you look at the 10Q that details managements comp you'll find that their bonuses going forward are now tied to REVENUE, not EPS, if that doesn't throw up a flag, i don't know what doesn't.

This management team has done nothing but lose shareholder and at a time when wall street is finding fault in senior managers and returning them to the community, FBR hasn't replaced a single senior manager in the 4 years they've lost value. Not one. In fact, Eric personally is responsible for FBR's investment in the purchase of a NO Doccument, sub prime lending company (first nlc) at a time when even its own analysts were recommending staying away from the sub prime sector. His hubris was so great that he would not let his own analysts downgrade the stocks (ethics is not a strong suit b/t him or his brother) they covered in the sector to any lower than a market perform. Rick Hendrix was single handedly responsible for bringing a 144a deal called cmet, a $500m raise that ultimately went to zero. Was he fired? No, but he did just receive a nice $1m bonus. Rock Tonkel? He was essentially demoted, as Rick was tapped to be Eric's successor, to run the now defunct First NLC, but somehow, he seemed to garner the BIGGEST paycheck of them all. Oh, and he's currently gutting a 10m dollar house in g'town. What is going on?