Taxpayers Get Golden Shower

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We’re focusing today on Mack “MackDaddy” Whittle, longtime CEO of South Financial Group, who pushed up his retirement last month so he could cash out with a $18 million Golden Parachute just before sending his bank hat in hand to the Feds to get $347 million in choice Grade A Prime bailout money.

You don’t have to know too much about complex derivatives or even simple accounting to know that all dollars are fungible. So the more money out to Whittle is more money needed from the taxpayer to keep South Financial Group on its feet.

But we also know Whittle isn’t the only one who’s pulled something like this. And we want to put together a list of everyone who has. It doesn’t have to be precisely like this. Gazillion dollar corporate retreats while you’ve turned your company over to the Treasury Department’s corporate ICU will do fine as well.

So let us know all the examples you can think of.

Late Update: Surprise, surprise — turns out Whittle was a part of McCain’s South Carolina finance team. And now a shareholder is suing him to cough up some of the loot.

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