Sunday, March 22, 2009

Memphis Banker Gets Golden Parachute

If the unions can sacrifice their pensions, why can't Memphian Regions Banker G. Douglas Edwards sacrifice his $8.6 million severance package given the poor performance of the financial sector?

Would it really kill Banker Edwards to give up his golden parachute? After all, this is a guy who less than a year ago could afford to donate $5,000 to his trade industry's political action committee during the primary campaign cycle. That PAC donated to Tennessee Republicans like Bob Corker and Blue Dog Democrats like Jim Cooper (who ran unopposed). Edwards is now riding his golden parachute into his new position as Chair-Elect of that trade association to raise even more money to lobby for the interests of bankers in federal and state governments.

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