Posts Tagged ‘loan scandal’
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.
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.
- Tags: dan meyers, Daniel Maxwell Meyers, Daniel Meyers, First Marblehead, FMD, fundraiser, John Boehner, loan scandal, NYSE
November 5th, 2013 by admin