The housing recovery has stalled, but the gravy train rolls on for the government-appointed saviors of the housing market, Fannie Mae and Freddie Mac.
The top executives of the taxpayer-backed companies stand to make millions of dollars in salary, deferred pay and long-term incentive awards for 2010 – including substantial sums that are performance-based, at least in name.
Fannie covering?
Fannie (FNMA) CEO Michael Williams and Freddie (FMCC) chief Charles Haldeman each MORE
Colin Barr - Dec 31, 2010 7:06 AM ET
Most analysts are looking forward to a strengthening economic recovery in 2011, but slowing growth and rising inflation around the globe suggest the opposite will prove true.
by Daryl Jones, Hedgeye
For the stock market, 2010 was a solid year by many standards. Despite some unfettered volatility, most major U.S. stock markets ended the year comfortably in the positive. Leading the way were small cap stocks with the Russell 2000 up more MORE
Dec 31, 2010 5:00 AM ET
The government restructured its majority ownership of Ally Bank in a deal that aims to speed its exit from the $17 billion bailout of the former GMAC.
Treasury will boost its common stock stake in Ally to 74% from 56% under the deal outlined Thursday afternoon. Under the arrangement, Treasury will convert $5.5 billion of preferred stock to common shares.
Road to recovery?
The government emphasized that the deal will "accelerate Treasury's ability to MORE
Colin Barr - Dec 30, 2010 4:48 PM ET
After more than a year of wrangling, obfuscation and name-calling, Steven Rattner has effectively 'fessed up to having done wrong.
The former car czar and private equity boss today agreed to pay $10 million in restitution to the State of New York, for his role in the state's public pension kickback scandal. He also has agreed to refrain from "appearing in any capacity" before any New York pension fund for the next five years.
This MORE
Dan Primack - Dec 30, 2010 1:31 PM ET
Perhaps less is more
The days of the $500,000 average paycheck are long gone, even at Wall Street's most gilded firm.
So predicts a report issued Thursday by Credit Suisse analyst Howard Chen. He slashed his fourth-quarter earnings estimate on Goldman Sachs (GS) to $3.70 a share from $5.08, citing its latest soft trading quarter and higher non-compensation expenses.
"Due to persisting choppy market conditions and our expectations for a MORE
Colin Barr - Dec 30, 2010 11:52 AM ET
Dominion Resources (D) CEO Thomas Farrell
Dominion Resources (D) CEO Thomas Farrell is coming up on his fifth year anniversary for the position this January. He spoke with Fortune about how the company dumped oil and gas assets in the nick of time, why his family's military background has kept safety on his mind and the biggest challenge for energy companies in the future.
Fortune: Your tenure as CEO has MORE
Shelley DuBois, writer-reporter - Dec 30, 2010 11:33 AM ET
Most economists and pundits predict a continued upward trend for most assets next year, but they will eventually be proven wrong.
In one of my classes at the University of Chicago Business School in the 1970s, the eminent statistician Harry V. Roberts liked to tell a story showing the homespun wisdom of his colleague and idol, economist Milton Friedman. The great monetarist was part of a panel evaluating a PhD presentation MORE
Shawn Tully, senior editor-at-large - Dec 30, 2010 10:56 AM ET
Just weeks after spurning a takeover offer from Google, online coupon site Groupon is in the money via a giant new investment. So are many of its earliest backers.
Groupon, the online coupon site that recently turned down a $6 billion acquisition offer from Google (GOOG), has raised $500 million in venture capital funding, according to a filing with the SEC.
No new board members are listed, meaning that we do not know MORE
Dan Primack - Dec 30, 2010 10:26 AM ET
The private equity world is littered with folks who are famous for doing something else. Bono at Elevation Partners. Bill Frist at Cressey & Co. Mike Richter at Environmental Capital Partners. Colin Powell at Kleiner Perkins.
In most cases, the celebrity partner is used to wow potential investors, make some high-powered introductions and be on call. Every now and then, however, the celebrity partner actually spends his days sourcing deals, serving on portfolio company MORE
Dan Primack - Dec 30, 2010 8:54 AM ET
* Les Leopold: Wall Street's 10 biggest lies of 2010
* Scoundrel: Is New Mexico Gov. Bill Richardson about to pardon Billy the Kid?
* Julia Ioffe: Facebook wants to move up from fifth place in Russia, whose citizens spend more time on social networks than any other nation
* Morning Call: U.S. futures look flat, London falls early, European shares slip and the Nikkei loses 3%.
* Floyd Abrams: Why WikiLeaks isn't the Pentagon Papers
* Brett MORE
Dan Primack - Dec 30, 2010 7:49 AM ET
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| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 12.29 | -0.45 | -3.53% |
| Bank of America Corp... | 7.26 | -0.04 | -0.55% |
| Frontier Communicati... | 4.22 | -0.25 | -5.59% |
| Juniper Networks Inc... | 21.56 | -0.81 | -3.62% |
| Cisco Systems Inc | 19.54 | -0.29 | -1.45% |
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,652.66 | -81.97 | -0.64% |
| Nasdaq | 2,809.91 | 4.63 | 0.17% |
| S&P 500 | 1,314.05 | -4.38 | -0.33% |
| Treasuries | 1.93 | -0.00 | -0.26% |
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