Golden parachutes were forbidden by the TARP legislation. The parachute was defined as a payment made solely because an executive was leaving. What do you call a payment made when an executive leaves and signs a non-compete? You call it "services rendered" and hope no one notices.
That's what Associated Bancorp, to whom we gave $525,000,000, did when their president left. She got a payment of $1,650,000 for her services of not competing by working for a company in a nearby state or for one of the bank's competitors for one year.
Update
One day later we learn of Hampton Roads Bankshares giving its president a golden parachute. This time the president will provide consulting duties for three years, in exchange for which he'll be paid $1,300,000 plus the usual perquisites.
Who's next?
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