Governor Sanford raises concerns over misuse of bailout money

Governor Mark Sanford is calling out one South Carolina bank over fears of "gaming of the nation's taxpayers" through misuse of the government's massive $700B financial bailout.

Among other concerns, Sanford singled out Carolina First, saying in a press release:
The sooner-than-expected retirement of Carolina First CEO Mack Whittle. Some have surmised that Whittle’s retirement date was moved up so that his bank could apply for federal bailout money while Whittle retained his “golden parachute.” The estimated value of Whittle’s retirement package is $18 million, a deal that would have been compromised if the bank had asked for a taxpayer bailout before Whittle left.

Go read more about it at The State.

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