South Carolina CEO’s 18 million dollar retirement package being reviewed
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AP
Published: November 21, 2008
A spokesman for U.S. Rep. Bob Inglis says the Treasury Department is reviewing the pay package for a retiring South Carolina banker whose company is seeking money from the federal bailout program. The review was requested earlier this month by Inglis and Gov. Mark Sanford, both Republicans.
Inglis spokesman Price Atkinson said that Treasury officials had not set a timetable for the investigation of Mack Whittle’s $18 million retirement package from The South Financial Group Inc. The $700 billion federal bailout of financial institutions prohibits companies receiving funds from making excessive payouts
to departing executives.
The company says Whittle’s retirement agreement predates bailout plan announced Sept. 2.
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Reader Reactions
Posted by ( pja720 ) on November 21, 2008 at 1:52 pm
Once again I (and most of you) have to live paycheck to paycheck while the wool is pulled over our eyes by the 5% who own 95% of our beautiful, yet horribly corrupt, country.
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Posted by ( LRB ) on November 21, 2008 at 10:46 am
Plain and simple the bank should not get the money if they are paying someone 18 million to retire way do we need a review it just waste monye and time
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