«WASTING MONEY PUTS YOU IN A REAL PARTY MOOD»

Yesterday, the Treasury Department released new rules  on how much banks that received TARP money can pay their executives. Among the rules is one that prohibits golden parachutes – defined as any payment to a departing exec simply because the exec is leaving. But an examination of public filings shows that a number of executives at banks that received TARP funds have received large payments just for resigning. It’s unclear if the new rules will apply retroactively.

Huffington Post
June 12 2009