Word: cfo
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Dates: during 2000-2009
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suicide • commission of by Freddie Mac CFO...
...services was by far the worst-performing division, with a loss of $547 million. When Whitney asked CEO Jamie Dimon if the business would return to profitability this year, his answer was a succinct "No." At Citi, "credit-card losses seem to be breaking their historical correlation with unemployment," CFO Kelly said. That is, credit-card losses normally rise with the unemployment rate. Now they're rising faster...
...Goldman said that much of its increased trading was to execute client orders, and not trades the bank was making solely on its own. During a conference call with analysts and investors, Goldman CFO David Viniar said that most of Goldman's trading profits came from such liquid investments as Treasury bonds and not in the trickier markets for subprime mortgage bonds or credit default swaps, which can be harder to buy and sell. Goldman said it made very little money from CDS contracts it settled with AIG, but declined to comment exactly how its trading profits were generated...
...Citigroup spokesman denied that the company did anything wrong, noting the pay packages in question were set a month before the bonus ban became law. "Overall executive compensation [at Citigroup] substantially decreased from 2007 to 2008," the spokesman said. "CEO Vikram Pandit and CFO Gary Crittenden declined any bonus for last year as well. As always, we will comply with the new restrictions on compensation ... in addition to continued adherence to the substantial changes we already have made to our compensation structure...
Further complicating matters: James Ziemer, a nearly four-decade company veteran who was named CEO in 2005 after having served as CFO, announced plans to leave the post. Bergmann, the current CFO, is considered a candidate to replace him. But the company is likely to choose an outsider with a stronger marketing background to assume the post with a fresh set of eyes to guide Harley-Davidson through its current crisis. (See the 50 worst cars of all time...