South Carolina CEO’s 18 million dollar retirement package being reviewed

A spokesman for U.S. Rep. Bob Inglis says the Treasury Department is reviewing the pay package for a retiring South Carolina banker whose company is seeking money from the federal bailout program. The review was requested earlier this month by Inglis and Gov. Mark Sanford, both Republicans.

Inglis spokesman Price Atkinson said that Treasury officials had not set a timetable for the investigation of Mack Whittle’s $18 million retirement package from The South Financial Group Inc. The $700 billion federal bailout of financial institutions prohibits companies receiving funds from making excessive payouts
to departing executives.

The company says Whittle’s retirement agreement predates bailout plan announced Sept. 2.