By FITSNews || A month after its most famous board member resigned, another rat is scurrying from the sinking ship of what used to be South Carolina’s largest financial institution.
According to an exclusive report from our friends at the Cotton Boll Conspiracy, the director of corporate financial services at The South Financial Group (TSFG) resigned from the company on Friday.
Christopher T. Holmes (whose 2008 compensation was valued at $647,908, in case you were wondering) departs a month after TSFG Board member Darla Moore bolted the imploding financial institution – which lost $540 million through the first three quarters of 2009 after receiving $350 million in government aid as part of the Troubled Asset Relief Program (TARP).
Yeah … nice investment there, Washington.
Founded by Moore’s fellow University of South Carolina trustee Mack Whittle, TSFG (which owns Carolina First Bank) has lost $1.1 billion since the first quarter of 2008, and has seen its stock fall from $24 a share to 70 cents a share. It’s third quarter loss alone this year was $323 million.
Of course Whittle has made out like a bandit in spite of these colossal losses, receiving a $12 million golden parachute just two weeks after former president George W. Bush signed the bank bailout bill last October.
Whittle, incidentally, is currently running to keep his seat on the University of South Carolina board of trustees. Meanwhile, Moore – a liberal philanthropist – continues to serve on the USC board as S.C. Gov. Mark Sanford’s appointment.
Sheesh … no wonder USC is pissing money down the drain these days.
Sing it, people …
By Just a thought January 19, 2010 at 2:38 pm
Will this be a FDIC takeover…. Check the other small banks in Charleston ready to go under.
By Mab January 19, 2010 at 3:33 pm
What is the latest on that little bank with big schemes out in Cayce?
The Congaree State Bank. Inquiring minds want to know!
By CNSYD January 19, 2010 at 4:24 pm
So paying a fee to name the College of Charleston basketball arena didn’t keep stock prices up? Ever notice how many arenas, ball parks, etc. get named by some company that later goes belly up or is headed that way. e.g. Enron, Carolina First, BiLo, etc.?
By CNSYD January 19, 2010 at 4:54 pm
A few years ago I was eating lunch in the S&S cafeteria in Greenville. Whittle came in (alone) and sat at a nearby table. I don’t know why he had decided to eat with the common people. I observed that he looked, as the old saying goes, as uncomfortable as a whore in church. He keep looking around to see who was around him and passing by him. Maybe he was hiding from the stockholders.
By SnakeMD January 19, 2010 at 7:32 pm
Whittle has always been a loner. I used to see him years ago at his daughter’s soccer games and he was always by himself. I just figured he always needed time to himself to count all his money. I hope he is enjoying his golden parachute money. He appears to have been weaned on a pickle.
By No Name January 19, 2010 at 8:02 pm
Lindsey saved his bank and Billy Wilkins saved his parachute.
Hound this sexual pedator and all round fuck up right off the cliff.
The fact that his Board allowed him to run and ruin all this is another crime.
By myles keogh January 19, 2010 at 11:02 pm
These two are another example of why Carolina’s BOT members need term limits. These two are also big supporters of that INNOVISTA boondoggle that has cost the taxpayers over $150m. They and several others on Carolina’s BOT need to go!
By investor January 20, 2010 at 10:47 am
Would it mean that I will lose all my investments here?!
What is the solution now ?
To hold or get out ?
But I had entered with an average price of $1.50 for 13000 shares !!!
I will be losing a lot.
Please advise putting your hand on heart and swearing the GOD.
Thank you
By investor-007 January 20, 2010 at 3:41 pm
Nothing will change, don’t worry but WAIT, WAIT AND WAIT ….
You will be rewarded soon.
This organization should never go BK.
So many insiders are buying now.
Good luck,