As Manhattan developers plan millions of square feet of office towers featuring the most modern amenities, some of their biggest potential tenants have decided they’re better off staying in their current homes.
After David Sherr left Lehman Brothers Holdings Inc. in 2007 to start a hedge fund, he considered buying delinquent mortgages to profit from the U.S. housing collapse. Following years of passing on the debt, he now sees the loans as one of the best ways to play the recovery.
The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.
Citigroup Inc., the biggest U.S. bank to have regulators reject its capital plan this year, dismantled a board committee created during the credit crisis to police the disposal of toxic and unwanted assets.
Citigroup Inc ., the third-largest U.S. bank by assets, will split at least $11.9 million among four executives if the company meets profit thresholds set at less than half what the lender generated since 2009.