Bailed-Out Bank Tries Golden Parachute Loophole
by Paul Kiel, ProPublica – May 26, 2009 2:34 pm EDT
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The agreement anticipates that the arrangement might not fly with government officials. According to the agreement  (see Page 6), if the Treasury Department or the bank’s regulators determine that it breaks the ban on golden parachutes, the bank will try to work something out – either by tempering the agreement to conform to compensation restrictions or getting a waiver to break them. If that doesn’t work, the agreement says Ms. Binder will just have to wait until the restrictions are changed or the bank pays back the TARP funds. Then she’ll get her money in a lump sum.
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The taxpayers are such suckers!
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