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Article: FDIC again unfurls a golden parachute plan, but with more leeway. (Federal Deposit Insurance Corp.)
- Article from:
- American Banker
- Article date:
- March 24, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The government this week revived its aging plan to limit golden parachutes for bank and thrift employees at troubled institutions.
Because the industry is so healthy today, the rule will not affect many institutions. But it will provide a guidepost for writing employment contracts by clearing up questions that have been hanging since 1990.That was the year Congress passed anti- fraud legislation designed to deny payoffs to the people who ran financial institutions into the ground.The Federal Deposit Insurance Corp. took its first stab at implementing the law in October 1991, but the proposal was slammed in comment letters as too tough.
The agency took ...