Nov 11 2008
South Financial Group CEO Trying to Retire Off of Taxpayers
Sanford said the federal government has injected $2.3 trillion into the private markets, leaving taxpayers to foot the bill.
Sanford also voiced concerns about the abrupt retirement of Mack Whittle, chief executive of The South Financial Group.
Whittle was scheduled to retire at year’s end but stepped down earlier this month. Critics said that move protected his $18 million retirement package.
Sanford said that package would have been jeopardized if South Financial, which operates as Carolina First Bank in South Carolina, sought a taxpayer bailout before Whittle’s departure.
The Federal Government is actively fleecing the American people right before their eyes to prop up the lifestyles of multi-millionaire CEOs. That’s what the entire bailout was about, protecting the fat cats on Wall Street. Reports have been in the news for weeks now that the banks receiving this money aren’t using it to cover the bad debt, but instead for acquisitions, executive raises, and retirement packages.
In a letter Friday to U.S. Treasury Secretary Henry Paulson, Sanford wrote: “I’d appreciate you looking into this and seeing if there is anything that can be done to keep each one of the taxpayers I represent from in essence having this $18 million, or other millions like it, plucked from their respective pocketbooks and wallets.”
You’re wasting your time, Mark. Paulson doesn’t give a damn. This is exactly what he wanted. He controls the purse strings.
And what will the incoming Obama Administration do about this? He’s out there calling for money for the automakers now!
