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 Quote) 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. ...
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