Morning Brief: Billings Steps Down from FBR Capital Markets
Tom Heath reports that Eric Billings is stepping down as CEO of FBR Capital Markets, the outgrowth of Friedman, Billings, Ramsey Group. He will be succeeded by President Richard J. Hendrix as of Jan. 1. It's the first time that the company will be led by a non-founder, though Billings will remain as chairman of both FBR Capital Markets and FBR Group.
Commercial real estate companies are among those asking for a bailout from the Hill, the transition and the administration as they face a record amount of debt coming due.
While many nonprofits have been told they'll be getting fewer donations and are planning on cutting back on programs and staff, they're still hopeful that the last days of December will bring in gifts from donors.
Meanwhile, the United Way of the National Capital Area is cutting fees that it charges nonprofits by about 50 percent in February, a move it says will save groups about $1.5 million.
The District is seeking proposals to redevelop 11 closed public schools - proposals that could include retail, offices and housing. Schools include Stevens Elementary in Foggy Bottom, opened in 1868 to educate the children of freed slaves; Hine Junior High on Capitol Hill; and Randle Highlands Elementary in Southeast Washington.
The University of Maryland has begun its short-term furloughs for employees in an effort to cut spending.
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