The South Financial Group (TSFG Quote) on Friday said it had received preliminary approval for $347 million in federal aid, despite controversy surrounding a $12 million golden parachute for its former CEO.
The South said the federal government had accepted its application for preferred equity investment from the government just a week after South Carolina Gov. Mark Sanford wrote a letter to Treasury Secretary Henry Paulson warning him that the bank appeared to be playing fast and loose with the rules.
The Greenville, S.C., bank's founder and ex-CEO Mack Whittle unexpectedly moved up his retirement date last month just as the bank said it was applying for the government investment, which has claw back provisions that prevent executives from being rewarded for poor performance. TheStreet.com reported the circumstances on Oct. 29, before Sanford questioned it in his Nov. 7 letter. ...
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