Updated from 12:57 p.m. EST
The Treasury Department says it is reviewing official concerns about the timing and circumstances of a more than $12 million retirement package awarded the ex-CEO of South Carolina's largest bank.
The acknowledgement comes several days after The South Financial Group (TSFG Quote) said it had received preliminary approval for a $347 million investment from the Troubled Asset Relief Program, or TARP, which puts restrictions on pay for executives of banks that receive investments. TheStreet.com first reported ex-CEOMack Whittle's earlier-than-expected retirement on Oct. 29, prompting South Carolina Gov. Mark Sanford, a Republican, to request in a Nov. 7 letter that Treasury investigate the situation.
"Treasury has received the letter and we are currently reviewing it," wrote spokeswoman Jennifer Zuccarelli, in an email message to TheStreet.com . ...
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