Word: lenders
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
Many U.S. executives savored fat bonuses last month after their companies pulled in record sales and profits. But not Lawrence Coss, the chief executive officer of mobile-home lender Green Tree Financial, who in 1996 surprisingly topped the list of highest-paid corporate leaders--overshadowing such titans as the Travelers Group's Sanford Weill and Walt Disney's Michael Eisner. Whoops! To his dismay, Coss may have to repay $40 million of the $102 million bonus he received that year because Green Tree now concedes that accounting errors led it to overstate profits. Says the taciturn and reclusive Coss...
...also hardly uncommon in an industry that had been white hot until recently. As a so-called sub-prime lender, Green Tree makes high-interest loans to people with damaged credit. With dozens of rivals streaming into the field, however, profits and stock prices have been heading south faster than a recreational vehicle. Just last week the Money Store, for which Hall of Fame pitcher Jim Palmer delivers commercials, reportedly put itself up for sale after recording a dizzying slump in profits. Two other big lenders--Aames Financial and Cityscape Financial--are seeking buyers as well...
...million. Such misery has plenty of company: more than 20 Green Tree competitors have lost anywhere from one-quarter to two-thirds of their market value in the past year. "A lot of companies got into very serious trouble very quickly," says James Allen, executive editor of Specialty Lender, an industry newsletter...
...companies in 1994 to some 50 participants last year. Giants such as GE Capital, Norwest Financial and Ford's Associates First Capital came barreling in alongside lesser-known newcomers. But the overcrowded field swiftly became unforgiving. For example, the market value of Mercury Finance, a sub-prime auto lender in Lake Forest, Ill., collapsed from $2.2 billion to $130 million last year after the company disclosed that it had overstated profits...
...have been moved into a "safe house," as he puts it, and he has cut off contact with the press and much of the outside world while he is being groomed for future testimony. This is much the same treatment previously accorded David Hale, the Arkansas lender who proved to be the government's star witness last summer at the McDougals' trial...