Sanford Blasts Whittle’s “Golden Parachute”
After months of silence, South Carolina’s mainstream media is finally devoting some ink to the “golden parachute” received by retiring Carolina First founder Mack Whittle.
How come? Well, the former USC Board of Trustees Chairman and Carolina First founder is getting called out by none other than S.C. Gov. Mark Sanford.
In a letter to U.S. Treasury Secretary Henry Paulson, Sanford blasted Whittle’s retirement package as one example of what he called the “circumvention” of limitations on executive compensation in the massive federal bailout bill.
“In early September, the SEC of South Carolina-based South Financial Group, Mack Whittle, announced his pending retirement and the $18 million golden parachute that came with it,” Sanford wrote to Paulson. “Most recently, however, the bank moved up his retirement by two months, and many have surmised (this) was done so the bank could apply for federal money tied to the $700 billion bailout without disallowing Whittle’s golden parachute.”
Of course that’s what they did. They also added about five million to the value of the package from its initial public disclosure.
Anyway, Sanford goes on to tell Paulson “I’d appreciate you looking into this and seeing if there is anything that can be done to keep each one of the taxpayers I represent from in essence having this $18 million, or other millions like it, plucked from their respective pocketbooks and wallets.”
News of Whittle’s lucrative retirement package technically “broke” several months ago, but few mainstream media outlets picked it up.
Comments
By confused on November 11th, 2008 at 11:26 am
busy day for the gov…
http://www.cnn.com/2008/POLITICS/11/10/sanford.conservatives/index.html
By Ben on November 11th, 2008 at 12:11 pm
Is Mark a drinker or does he have a tanning bed? Its November for christ sake. No one has that much color in November.
By dj on November 11th, 2008 at 12:30 pm
meh….whats 18 million more….
By Palmetto Pulse on November 11th, 2008 at 1:51 pm
http://www.cnn.com/2008/POLITICS/11/10/sanford.conservatives/index.html
I am loving me some Mark Sanford right now!
By Joseph Reynolds on November 11th, 2008 at 4:18 pm
Maybe he has some Cherokee blood in him
By Reader on November 11th, 2008 at 5:24 pm
That IS a timely article on CNN right now. Awesome allegory with the branding and Chick-Fil-A sandwich. May the new sandwich be assembled!!!
Basic:
Bread
Chicken
Pickles
No pork, fillers, fluff, sweeteners, bailing. NO BULL!
By CL on November 11th, 2008 at 6:00 pm
Odd for Sanford to act as the conscience of the bailout crowd, since I believed he opposed the measure. He should be citing Whittle as an example of what an unbelievable folly it was to ever intervene in the economy in this manner.
Setting that issue aside, I also believe Sanford’s indignation is populist garbage and it is precisely what is the problem with modern conservatism. It is none of Sanford’s business what a private company provides to its executives as retirement benefits. Of course Carolina First is doing it because of the bailout rules. News flash – they also make all of their major financial decisions with an eye towards minimizing their tax liability. Biden not withstanding, there is nothing improper or unpatriotic about doing so.
By Reader on November 11th, 2008 at 7:11 pm
Also like this line:
“Borrowing from Medicare, Social Security, our grandkids and the Chinese…”
Kicker! Glenn Beck would loooove that one. I really miss Glenn Beck.
Are you sure his new press sec. can write this well, Willie? Or are you contracting out the golden glib?
By JJ on November 11th, 2008 at 7:27 pm
Whittle’s retirement was picked up by everybody, respectable news outlets that is, because it was an ousting not a retirement. Political blogs didn’t pick it up cause its not political. And, it happened well before the bailout mess started.
This is just Sanford doing what he does best: GRANDSTAND. He is great at finding a problem but can’t seem to locate a solution. Lets get him out of here so school choice can finally pass. He hurts the effort.
By Matt on November 11th, 2008 at 7:38 pm
Speaking of minimizing your tax liability, you sure can’t beat the tried and true method of losing all of your investors’ money and exiting stage left with 18M (18mm for you bankers out there) in executive comp.
If modern conservatism means calling out the quasi-crooks then I’ll take a second helping please!
By save us from sanfraud on November 11th, 2008 at 9:47 pm
perfect. tan man, he of the trust fund baby club and member of the lucky sperm group is telling someone else that they have too much money.
what does this guy do all day? he gets a free pass from what poses as the media in this state while lthe unemployment rate rises to even new record levels.
what a boob. what a disaster. what a hypocrite.
By Reader on November 12th, 2008 at 6:40 am
“he gets a free pass from what poses as the media in this state”
- he gets an obstacle course from the Columbia paper. Where have you been?
By saveusfromsanfraud on November 12th, 2008 at 11:35 am
“obstacle course?” the state newspaper endorsed him, twice.
they continue to run stories about this terrible, horrible, woe is us economic morass we are in, according to them and not one sentence about what the governor plans to do about it except for his periodic attendance at budget and control board meetings to throw a bomb and run.
sanfraud continues to do his usual act: show up, throw a bomb, run, find another threadbare coat and pants to enhance his carefully cultivated image as “everyman” to the public.
where the hell is this guy all day? the major coverage this week on columbia TV as far as sanfraud was that he is holding another round of his open door meetings with constituents. nothing, not a word so far as to perhaps a plan he developed or even thought about to help this state.
hope his tanning bed doesn’t blow or he truly will have nothing to do all day….
By Ben on November 12th, 2008 at 1:34 pm
I think Michael J. Fox had a tie like that in Back the Future 2.
By HP on November 12th, 2008 at 1:49 pm
He’s in Miami tday — at a Republican Governor’s Conference. [MSNBC]
WIS does give Gov. a good bit of favorable media coverage, I do admit. The State paper seems careful to not toot his horn too much for fear of ruffling the RINO feathers.
By Beeza on November 13th, 2008 at 9:41 pm
If Mark Sanford stands for little government & greater individual rights how does he justify butting into a legal agreement (contract) between the CEO of a public company and it’s board of directors? According to the company’s public filings the contract, it’s terms and it’s monetary value has been disclosed for years. Is the Governor now going to start dictating the terms of all citizens” personal legal agreements? Do our divorces now have to have gubernatorial approval? Lease Aggrements? E-Bay bids? It’s not up to the Governor to approve of what Whittle makes. Sanford’s example, while grandstanding on the TARP issue, shows he is ill informed on the facts. (oh gasp!) Fact is TARP exists and will continue regardless of his views. It sounds like to me Sanford knew commentary on Whittle would get him some attention before the Governor’s conference and he was afraid Palin’s star might be shining brighter than his for 2012. God Forbid!