Representative Steve LaTourette says, according to Securities and Exchange Commission filings, fourteen National City executives could share $80 million in compensation. What irks the Republican congressman is that PNC is using money from the government's Troubled Asset Relief Program to buy National City, which received none of that government cash. LaTourette says this is the kind of golden parachute lawmakers were hoping to curtail when they passed the bailout bill.
LaTOURETTE: The anomaly here is that OK, we're $700 billion of taxpayer money. Shareholders and maybe employees are going to take a bath. And these gentlemen-I don't know if there are any women involved-are going to get a payout of $80 million.
LaTourette says the revelation is particularly disturbing as National City employees anxiously await word on likely job cuts.
National City had no comment.