FBR: Old dog, old tricks

May 2, 2008

Friedman Billings Ramsey (FBR) is still up to the same shenanigans as always. We first spotted their family ties way back in 2004, when the in-laws were feeding at the FBR trough.

This time, it’s CEO Eric Billings’ sons who are lapping away. In FBR’s latest proxy, the Company discloses that three of Eric Billings’ sons were on the 2007 payroll, all as “Assistant Vice President, Junior Broker” in the institutional sales department. Not a bad gig if you can get it — during 2007, Billings— three sons were paid cash compensation of $199,151, $197,673 and $197,291.

At least it was blood relations this time. Nonetheless, given FBR’s abysmal stock performance, maybe the company should focus less on the family and more on preserving shareholder capital.

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