4 major bailed-out banks fattened CEO pay, may have skirted rules

Shocking.

From USA Today

Four major regional banks that were rescued with billions in tax dollars fattened their CEOs paychecks, apparently flouting rules barring bonuses, Reuters reports. The banks are Fifth Third, PNC Financial Services Group, KeyCorp and Regions Financial.

Pittsburgh-based PNC is the only one of the four to have repaid money doled out under the U.S. Treasury’s Troubled Asset Relief Program. PNC repaid $7.6 billion in February.

Birmingham, Ala.-based Regions still owes $3.5 billion in TARP funds, Cincinnati-based Fifth Third owes $3.4 billion and Cleveland- based KeyCorp. is hanging on to $2.5 billion. Their share prices have rebounded dramatically during the past year, as have their CEOs’ compensation packages. It appears the banks skirted the rules by not specifically paying executives a “bonus.”

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