Bank Exec Took TARP Money, Never Paid It Back, And Now He'll Get $18 Million If He's Fired

[The Straight Story]

This Bank Executive Took TARP Money, Never Paid It Back, And Now He'll Get $18 Million If He's Fired

Can't get paid until your company pays back its TARP debt? Rather get fired than have to worry about paying it back? Get another company to pay the debt off for you!

That's exactly how 5 execs from Marshall & Ilsley Corp (a bank holding company) plan to get paid, according to The Business Journal.

CEO Mark Furlong, for example, would not get paid the $18 million "golden parachute" package that he has written into his contract with M&I if the company changes control (aka, he leaves) while it still has to pay back TARP.

The same would happen to these M&I executives: Greg Smith, who has a $5.5 million parachute, president Tom Ellis ($4.1 million), wealth management head Ken Krei ($5.5 million), and senior vice president Thomas O’Neill ($5.1 million).

And it might be difficult for them to pay back TARP, seeing as they've put off paying back the $1.7 billion loan until now (as of October 2010, they planned to pay it back in "late 2011").

Read more: http://www.businessinsider.com/mark-furlong-2011-2#ixzz1D0t8zejW

[Angry Dragon]

1. They should be in jail

[yourout]

2. Flat out thievery....

The TARP program without re-instating Glass-Steagal may end up doing more harm than good.

[madmom]

3. So don't fire them, just lay them off, permanently.

[Initech]

4. Just goes to show you who the real criminals in this country are.

:grr: :mad: :argh: :nuke:

[indepat]

5. Now just how special are arrangements of this cloth?

:shrug:

[Fumesucker]

6. Thank God It Passed..

TARP.. Proposed on Sept 19, 2008, enacted Oct 3, 2008

[ladjf]

7. Jail. nt

[Dappleganger]

8. We should have public ass-kickings.

[atreides1]

9. No

They would still get the money...and the TARP loan wouldn't get repaid!

I say we make them work at a landfill until they have it all paid up...:evilgrin: