S.C. Governor Presses Treasury on CEO Payday

South Carolina Gov. Mark Sanford is pressing Treasury Secretary Henry Paulson to look into the timing of the generous retirement package The South Financial Group (TSFG) awarded ex-CEO Mack Whittle.

The South Financial Group, South Carolina's largest bank, in late October announced Whittle was moving up the date of his retirement by two months as the bank was applying for a federal investment through the Troubled Assets Relief Program, or TARP, which contains provisions aimed at eliminating golden parachutes. The company received preliminary approval for a $347 million investment from the program on Nov. 14. TheStreet.com first reported the story on Oct. 29.

Sanford first wrote to Paulson Nov. 7, asking him to look into the issue, which has also attracted at least one shareholder lawsuit and another letter to Paulson from Rep. Bob Inglis (R., S.C.). Sanford sent Paulson a second letter Thursday, asking if Treasury was acting on his request.

"We have yet to receive any formal notification from your office regarding our request," he writes. The letter also was sent to New York Fed Chairman Timothy Geithner, President-elect Barrack Obama's appointee to fill Paulson's post. Treasury spokeswoman Jennifer Zuccarelli , who told TheStreet.com Nov. 20 the office was reviewing the governor's letter, did not respond to a request for comment Thursday, nor did New York Fed spokesman Andrew Williams.

Whittle, as reported by TheStreet.com on Nov. 20, said in a letter to Treasury officials last month that he is willing to reexamine his pay package, which is worth at least $12 million.