CEO Payday Draws S.C. Governor's Ire

South Carolina Gov. Mark Sanford has asked federal authorities to investigate a more than $12 million payday for a bank CEO in his state, ahead of the company's application for assistance through the government's bailout program.

Sanford, a Republican, penned a letter to Treasury Secretary Henry Paulson asking him to review the case of The South Financial Group (TSFG Quote) CEO Mack Whittle, who suddenly moved up the date of his retirement shortly after the bank announced it would seek federal funds under the Troubled Assets Relief Program, or TARP, passed by Congress last month. Banks agreeing to preferred equity investments from the program subject themselves to certain restrictions on executive compensation.

TheStreet.com on Oct. 29 called attention to Whittle's suspiciously-timed golden parachute, which was soon after picked up by local and national media. ...