Liberal Lake City, S.C. financier Darla Moore has resigned from the board of directors of The South Financial Group (TSFG), a bank which has received nearly $350 million in taxpayer-funded bailout money from the federal government.
“As you know, I’ve been considering this matter for some time, primarily as a result of the level of other commitments that I have,” Moore wrote in a letter of resignation to TSFG chairman C.B. Smith. “Please understand that this has nothing to do with my level of support for TSFG or Carolina First Bank, and I certainly wish the Company nothing but the best, particularly as it traverses these difficult economic times.”
Mmmm-hmmm.
Shares of TSFG – which lost a whopping $323.5 million last quarter – are currently trading at 60 cents. As recently as two years ago, the company was trading at $24 a share.
FITS readers will recall that TSFG is the company that gave its founder and former Chairman Mack Whittle a $12 million golden parachute last year … just two weeks after President George W. Bush signed the Wall Street bailout.
They will no doubt also recall Moore as one the state’s leading purveyors of this sort of commie nonsense.
While Moore and Whittle are no longer in the mix at TSFG, both continue to serve on the University of South Carolina Board of Trustees – where they continue to push the school further away from its core mission of educating students and deeper into failed government-run economic development experiments like “Innovista.”
This failed “research campus” has currently cost S.C. taxpayers $150 million.
To read more on Moore’s departure from TSFG, check out this post from our friends over at the Cotton Boll Conspiracy …
By Gillon December 14, 2009 at 7:24 pm
Bailing out U. S. banks was “commie nonsense?” Interesting that not only did this move prevent the economy from imploding, but the three major banks have paid the loans back. Bank of America has paid back its $45 billion loan, and today Wells Fargo agreed to pay back its $25 billion, and Citicorp $20 billion. The Federal Gov’t stands to make at least $13 billion on its loan to Citicorp alone. Saving the nation’s economy through gov’t. action and making a profit on it to boot sounds more like capitalism than communism to me. As for the poor financial state of SC’s TSFG–well, this is a “third world” state after all– whose financial and business leaders operate under the “I got mine, you get yours” mentality.
By 2 cents December 14, 2009 at 9:01 pm
S.C.=Playground for the corrupt and greedy, not to mention the ignorant and seedy. I’m speaking of SC government, of course.
By Matt December 14, 2009 at 10:10 pm
What is the FDIC waiting on???? They should’ve seized TSFG months ago! It’s dead in the water. It’s hemorraghing cash and the worst of the commercial real estate losses are yet to come for all Banks. Whittle’s ego and the Board’s greed ran it into the ground.
By No Name December 14, 2009 at 10:40 pm
The FDIC can not man all the banks they have to close and start only on bank series(interconnected loans) that they can dispose\finish and they have not started with the Carolina banks.
Lindsey looks more like the little dutch boy with his fingers in the dike(no pun intended here) …not sure what he has left to trade for too keep those Florida TSFG loans from being repriced…so this could cascade badly for all those Greenville mountain house flippers.
More money for Billy Wilkins as he mounts the Bank’s defence…Mack made me do it.
BOA was dead without TARP….Wachovia was dead without the Fed intervention and TSFG and Whittles 18 million was dead without Lindsey.
Healthcare is a smokescreen…focus on the theft through the Fed and the great fraud of our commercial banking accounting bull shit.
Darla knows the Rainwater brand means real accounting not bull shit and the bull shit just got too deep.
See Ya.
But if Goldman did it can’t we do it….time to look for a real job bankers.
By political hack December 15, 2009 at 9:33 am
No name in all your rambling you made a number of good points. TSFG should just pull a Goldamn Sachs if possible, Lindsay is there key to whole mess, and he will promise extra capital to the feds in the form of SC energy taxes, healthcare, etc, as collateral. The banks are the movers and shakers, they are going to divide and conquer and eat the little banks for whatever spoils are left over in their secured positions.