PNC pays bonuses to execs after getting TARP money

[Joanne98]

NEW YORK (Reuters) - PNC Financial Services Group Inc (PNC.N) said on Friday it has awarded bonuses for 2008 to its chief executive and other top officers, becoming the largest recipient of taxpayer money under the government's $700 billion Troubled Asset Relief Program to do so.

Chief Executive James Rohr was awarded a $3 million bonus, down from $3.5 million a year earlier. PNC also awarded bonuses of $1.3 million to President Joseph Guyaux, $1.24 million to Senior Vice Chairman William Demchack, $785,400 to Vice Chairman Timothy Shack and $710,000 to Chief Financial Officer Richard Johnson.

The Pittsburgh-based bank disclosed the awards in a U.S. Securities and Exchange Commission filing.

PNC received $7.6 billion of TARP money and used some of it to buy the troubled Cleveland lender National City Corp, creating the nation's seventh-largest bank.

http://www.reuters.com/article/ousiv/idUSTRE51C71H20090213

They're worse than crack addicts!

[ixion]

1. I really can't begin to describe the incredulousness of this

I work for a company who did not take TARP money. We did NOT get bonuses this year. But these companies who whined and pleaded for government welfare are buying banks, giving bonuses and having parties -- and all because they FAILED.

This is ridiculous. Take the TARP money back, in full, with interest, now.

[FieldsBlank]

2. AIG is the worst of the worst

let it die