Governor Wants Investigation of Carolina First Bank
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By Russell Bradley
Published: November 10, 2008
Gov. Mark Sanford has asked the U.S. Treasury Secretary to investigate Greenville-based Carolina First bank to see whether it’s “gaming the system” to get federal bailout money. He says that’s just one example of why citizens from across the state need to contact their elected officials in Washington and urge them to oppose additional bailouts, and to have better oversight and transparency of the funds already committed.
Carolina First announced in September that CEO Mack Whittle would retire “by the end of the year.“ But according to a company filing with the Securities and Exchange Commission, Whittle retired effective October 27th. His retirement package includes a “golden parachute” of $18 million. Now, the bank says it will apply for between $115 million and $347 million in federal bailout money. Restrictions on the bailout money prevent it from being used to give CEOs large retirement or severance payouts.
“It doesn’t pass the smell test,“ Gov. Sanford told reporters in his office Monday. “There’s some serious unintended consequences going on out there when people are moving up, possibly—we don’t know this for certain, but possibly—the date of departure so you can pay out $18 million, which wouldn’t be allowed if you took the federal funds,“ the governor says.
His letter to Treasury Secretary Henry Paulson says about Carolina First, “I’d appreciate you looking into this and seeing if there is anything that can be done to keep each one of the taxpayers I represent from in essence having this $18 million, or other millions like it, plucked from their respective pocketbooks and wallets.“
The governor says he’s against the federal bailouts in general, and hopes people will register their opposition to another proposed round being talked about in Washington. “They’ve already said that this is just the ‘first round’ of stimulus package. So you’ll see multiple different bailouts for a variety of different groups. But inevitably, somebody’s got to pay those bills, and it will be that forgotten man or that forgotten woman playing by the rules in South Carolina who does so,“ he says.
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Posted by ( SCkitty ) on November 19, 2008 at 4:24 pm
“Something to remember in these hard times”
by Mitch Albom
Each day I have less
In my bank account.
Every day I grow scared
As my losses mount.
Every day there is less
To the house that I own
And the equity in it
Like the wind, has blown.
Every day I see less
On my bottom line.
Every day something worsens
That used to be fine.
Every day in my family
There’s worry and stress.
Where we once dreamed of more
We now do with less.
Every day I hear stories
Of a company’s worth
Sinking to levels
From before my birth.
And places I shopped
Are now closing their doors.
Big firms I grew up with
Are big firms no more.
Every day I have less
Of a once strong sensation
That the leaders we choose
Are good for our nation.
Every day I think less
Of a boss I respected
Who parachutes out
With his own butt protected.
Every day I see less
of the country I knew
Of the dreams we encouraged
Under red, white and blue.
Instead I see signs
Of foreclosure and sale
And people afraid
Of what comes in the mail.
I see layoffs and cutbacks
No help for the needy
As billions are given
To the powered and greedy.
And this news, it is endless
It burrows so deep.
It shadows my waking
It’s haunting my sleep.
Yet every day I have less
I cannot ignore it.
Something grows clearer
That wasn’t before it.
If I still have a job
I am luckier than some.
If I still have my house
It is better than none.
If I still have my wits
There are mouths I can feed.
If I still have more family
What more do I need?
If I still have my health
I am mercifully blessed.
If I think I have little
Someone has less.
Every day I discover
More mercy in me.
Every day I find out
Who my true friends will be.
Every day that I stumble
Or say “I can’t do it!“
Is a day I discover
with God’s grace, I get through it.
So I learn a new lesson
If I keep a new score
That every day I have less
May be a day I have more.
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Posted by ( ce830 ) on November 11, 2008 at 1:23 pm
This is why the American people voted for a change. I hope we can last until the change takes place. Thanks for listening.
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Posted by ( SCkitty ) on November 10, 2008 at 4:33 pm
I’ve already emailed once before and it didn’t do any good. Our state senator and representative isn’t listening to what the people want!
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