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Fifth Third Gives President $2 Million Raise with TARP Money

By Mark H. Astarita, Esq.

Fifh Third Bancorp, which received $3.4 billion in TARP funds, which have not been repaid, just gave its CEO a 56% raise, to $5.2 million. I thought this was an April Fool's joke, but no, here it is, in a Reuter's article.The article also points out that PNC Financial, Regions Financial and KeyCorp, all of which owed billions of dollars to taxpayers at the end of 2009?also increased their chiefs' pay.I am all for free market salaries, and properly compensating corporate executives, but did the concept of a pay freeze while borrowing money from the US taxpayer even cross their minds?More>>>

Full post as published by SECLaw.com on April 07, 2010 (boomark / email).