Word: year
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...already seem to be cashing in on the bank's loosened pay restrictions. Earlier in the week, Citi, which lost $1.6 billion in 2009, disclosed that it had paid John Havens, widely seen as the bank's No. 2 executive, nearly $10 million in compensation for his work last year. That topped even the salary of Goldman Sachs chief executive Lloyd Blankfein, who was paid $9.6 million in 2009. Goldman, though, had profits of $13.4 billion in 2009. Alberto Verme, who for a time oversaw Citi's Dubai operations, responsible for billions of dollars in losses for the bank...
...main rivals has repaid its obligations to Uncle Sam, Citi still has its hands deep in the government-aid cookie jar. Uncle Sam owns more of Citigroup than any other bank. Currently, the government holds 7.7 billion shares of Citi's stock - a stake the government got last year by converting a portion of its Citi preferred shares. That makes Uncle Sam the bank's largest shareholder, with about 27% of Citi's outstanding shares, valued at some $26 billion. That's about seven times the $3.5 billion the government has lent SunTrust Bank and Regions Financial, the two banks...
...breathe new life and buyer confidence into the decimated sector. It's called Sirius Value Protection - and works like a 'put option,' where buyers of new homes get the right to exercise a put that would require Sirius buy back the home at the original price after an eight-year period...
...program isn't without risk for homebuyers either. It requires the homeowner hang onto the new home for eight years before being able to exercise the put option. If the owner sells the house on the open market or loses it in foreclosure before the eight-year waiting period expires, the person is out of luck - the put option becomes worthless. However, homeowners do have the option of opting out of the program in the first six years in exchange for handsome cash bonuses, ranging from 10% of the purchase price in year one to 3% in year six. Still...
...Herzberg shrugs off such concerns. He says it all comes down to how the assets are managed, how the real estate performs, and, if all else fails, a reinsurance contract. He says the 20% premium fee will be placed into an investment trust and actively managed over the eight year period. He says he has two banks, Wells Fargo and Credit Suisse, on board to manage the assets and even lend money against the home in year eight if needed. On top of that, he says talks are underway to bring in a reinsurer. "The reinsurers' job is to step...