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Gunboat 60 sailing in Annapolis, MD.

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Posts Tagged ‘loan scandal’

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Fuck You!

Hater of the constitution and architect of First Marblehead’s (NYSE:FMD and currently trading at 80 cents per share.  For the first quarter of fiscal 2014, the Company recorded a net loss of $11.6 million, or $0.10 per share) now-infamous alleged $300 million dollar tax dodge Daniel Maxwell Meyers continues to see his own stock drop.  From the Boston Business Journal:

Dan Meyers, the chairman and CEO of Boston student-loan concern First Marblehead Corp., received a 22 percent salary bump last year despite a handful of setbacks that could cost the company $300 million in refunds to the IRS.

The firm is scheduled to hold its annual meeting Nov. 12. Last year, the firm’s board boosted Meyers’ 2013 pay to $1 million, an amount that far outstripped base compensation for the company’s other executives, including its 30-something president Seth Gelber, according to regulatory filings.

FMD’s fiscal year 2013 ended June 30. For the year, the company’s board agreed to pay Meyers $1.75 million in “accrued compensation,” and raise his base salary from about $820,000 to $1 million.

The raise and the accrued compensation goosed Meyers’ 2013 salary to $2.7 million, and his total compensation to $3.1 million after accounting for about $400,000 the company pays for Meyers to use the company jet for “non-business use.” The year before, the company picked up a $507,000 tab for Meyers’ personal use of the company jet….

FMD is scheduled to report its first quarter earnings Tuesday. Sometime this month, the company expects to receive a letter from the IRS demanding the payment of $300 million related to the company’s 2009 sale of its interest in NC Residual Owners Trust.

FMD management is asking shareholders to approve a 1-for-10 reverse stock split to help boost its sub-$1 share price and avoid delisting from the New York Stock Exchange.

I’m coming for you

Meanwhile, House Speaker John Boehner (pronounced “boner”. Who the fuck does he think he’s kidding?) doesn’t seem to have a problem with Dan Meyers’ reputation; the least popular of all top congressional leaders must not care too much about his own reputation, because he’s having a fundraising party tonight at the hefty student loan baron’s house.  From Boston.com:

Boehner will headline an evening reception at the Boston home of First Marblehead CEO Dan Meyers, according to Republicans familiar with the event. Tickets cost $5,000 per person.

 

November 5th, 2013 by admin

Gunboat 60 sailing in Annapolis, MD.

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