Early Briefing: About the Bonuses
Executives at companies including FBR Capital Markets received bonuses despite not meeting performance goals. Payments like this at companies nationwide come in the form of discretionary pay and retention awards as well as bonuses paid out after directors on the companies' compensation boards adjusted compensation plans or lowered performance goals.
The handouts at FBR Capital Markets, the company said in a regulatory filing, recognize that executives "perform functions that are not directly related to the corporate performance" of the company. The bonuses, the filing said, are meant to reward individual performance.
Fannie Mae's federal regulator yesterday defended retention bonuses of $1 million or more to four executives at the federally run mortgage finance giant. Chief Operating Officer Michael Williams is in line for a $1.3 million bonus, Deputy Chief Financial Officer David Hisey is slated for $1.1 million, while executive vice presidents Thomas Lund, responsible for the mortgage business, and Kenneth Bacon, responsible for housing and community development, each are each in line for $1 million.
Fairchild Corp. sought bankruptcy protection after missing two pension fund payments, which totaled about $2 million over the past four months. The McLean companym which sells aircraft parts and motorcycle apparel, listed assets of $89.4 million and debt of $228.1 million, according to a court filing.
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