Feds Eyeballing Whittle’s Golden Parachute
The U.S. Treasury Department is investigating the $13 million “golden parachute” given to former South Financial Group CEO Mack Whittle, which continues to go woefully unreported in this state despite the fact that Whittle’s bank - the largest in South Carolina - is getting a cool $347 million from the Wall Street bailout package … oh, and he’s also the subject of a shareholder lawsuit.
From The Street.com:
“Treasury has received the letter and we are currently reviewing it,” wrote spokeswoman Jennifer Zuccarelli, in an email message to TheStreet.com .
Zuccarelli did not respond to follow-up questions from TheStreet.com asking whether the Treasury Department was aware of Sanford’s letter when it granted preliminary approval to the bank for the investment, or whether it was aware of another letter raising similar concerns sent by Rep. Bob Inglis (R., S.C.). The South Financial Group announced the government’s approval of the investment on Nov. 14.
“We get lots of correspondence,” Zuccarelli said in an initial telephone conversation on Wednesday when TheStreet.com asked about the letter.
So to recap, the Treasury Department gets lots of letters.
And gives lots of money away.
And isn’t really sure what the deal is with this particular $347 million - or the golden parachute attached to it.
Look, people. We’re not trying to impugn Jennifer Zuccarelli’s professional abilities here, but doesn’t she get paid to answer these sorts of questions?
Particularly when they involve her agency adding another couple hundred million onto the $700 billion bailout … and ultimately our $11.3 trillion national debt?
Seriously, lady. Do your job.
UPDATE - We’ve been alerted to the fact that Zuccarelli certainly isn’t ugly, although she’s got nothing on our all-time favorite Treasury Department spokeswoman, Tara Bradshaw - who actually answered reporters’ questions, thus providing a service for the salary we paid her.
Comments
By WMD on November 20th, 2008 at 10:16 pm
Well that is typical. Beating up on a woman. She is doing her job, Mr. Folks. Much better that all those “no comments” during the time when you were a taxpayer funded hack.
By liz on November 21st, 2008 at 9:07 am
I think golden parachutes are wrong. With that said, I don’t believe Mr. Whittle should suffer one iota of punishment. I’d be happy to share my story with Mr. Whittle. He’d be in a position to barter his punishment that way.
You see, there are many many people getting federal money, although they aren’t supposed to be getting it. Unfortunately, *I* know about it, can prove it and have tons of evidence to support my statements.
The people of South Carolina are being ripped off in a major fashion. You’ll find out how badly if and or when you ever apply for your personal Social Security benefits. I’ll go so far as to say, don’t expect a return on your investment because your elected people are spending your money NOW>( you just don’t know it yet)
Remember how you’re supposed to believe there is no Trust Fund. Well, there is really supposed to be a trust fund. In fact, in 1984, accountability was added to oversee this money.
This year, 2008, there are NO TRUSTEES on the Trust Fund Boards, first time ever in the history of the program since these positions were created. So this leaves ye ole famous Henry Paulson personally in charge of this money too.
But people, believe them when they say the Trust Fund is gone. Add in I’ve been screaming and yelling since about 6 weeks before the financial crisis occured.
Add that I unloaded to the SEC the week before McCain threatened Chris Cox….
Add in McCain saying he was broke on Saturday Night Live… Broke????? cmon. dried up is more like it.
Why talk about Mr. Whittle’s parachute and ignore the ELEPHANTS in the room??????????????????? Now ,twenty plus years of Social Security money….
that’s a golden parachute folks.
By Walt on December 4th, 2008 at 11:16 pm
I’ve seen Zuccarelli in a bikini. She is much hotter than Tara Bradshaw.
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