Word: citigroups
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...Hand The Treasury established Feinberg's position after Congress passed the American Recovery and Reinvestment Act in February. Feinberg has jurisdiction over the 100 highest-paid employees at the seven firms that the government deemed "exceptional assistance recipients": insurer AIG, financial firms Bank of America and Citigroup, auto companies Chrysler and General Motors and their former finance arms Chrysler Financial and GMAC...
...year's, though not as much as the firms requested. Total compensation dropped, but to most people, it will look like Wall Street pay as usual. Eight of the 12 highest-paid executives at Bank of America will get more than $5 million for their work in 2009. At Citigroup, 14 execs will get at least that much...
...estate rents and occupancy rates continue to plunge, leaving industry experts wondering if the rally was premature at best - and overdone at worst. "I'm a little bit more cautious in the near-term, given the rally that we've had and where valuations sit," says Michael Bilerman, a Citigroup Global Markets analyst. "They're trading at a 15% to 20% premium to NAV [net asset value]." He says he wouldn't be surprised if REIT stocks saw a 5% to 10% correction in the near-term. (Read "New REITs Pounce on Distressed Mortgage Assets...
...company has responded by putting in place a restructuring plan that mainly targets operating efficiency in its supply chain. Many financial analysts are lukewarm about the company's prospects because of the weak consumer-spending climate and the tough competition. "Benetton remains under pressure from multiple angles" is how Citigroup phrased it in a research note earlier this year that is typical of Wall Street sentiment. Alessandro in turn is critical of Wall Street and says the family fortunately ignored the advice of investment bankers to leverage up before the crisis...
...notice of the Obama administration, which has ordered average compensation reductions of 50 percent at seven of the largest recipients of federal bailout funds. The cuts will affect the executives of some of the companies most closely linked with the recession, including American International Group, General Motors, and Citigroup. However, other firms that have already paid off their bailout loans, like financial behemoths Goldman Sachs and Morgan Stanley, are immune from these restrictions and may continue to award massive bonuses to their executives...