March 13, 2007

Prince Prince Gets BIG Bux / Need a House Go to Hell

Citigroup CEO takes home $26 million in 2006

Chairman and Chief Executive Charles Prince was awarded a $13 million bonus on top of his salary and stock options last year.

NEW YORK (Reuters) -- Citigroup Inc. said Tuesday that it awarded Chairman and Chief Executive Charles Prince $25.98 million in compensation for 2006, about 13 percent more than a year earlier, though costs grew twice as fast as revenue.

Prince was given a $1 million salary, a $13.2 million bonus, $10,633,333 in stock awards, $746,607 in option awards and $395,779 in other compensation, according to the bank's proxy filing with the U.S. Securities and Exchange Commission.


Scary math: More homes, fewer buyers

The problem with subprime lenders means there will be more homes in an over-supplied market and not as many people who can step in to make purchases.

By Les Christie, staff writer

NEW YORK ( -- Subprime lenders are already getting crushed, but the impact rising mortgage delinquencies will have on home prices overall is still an open question.

At a minimum, it means financing is drying up for those with less-than-perfect credit and that spells fewer home buyers.

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The subprime mortgage market is heading for a meltdown with some major lenders defaulting on current financial agreements. CNN's Gerri Willis reports. (March 10)
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And foreclosed properties will add supply to a housing market that already has too much.


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