*so tell me, whats the difference?
CEO at bailed-out PNC gets $3 million bonus
Bank is only TARP recipient to date to dole out bonuses to execs; CFO gets $710,000
February 14, 2009 10:30 AM ET
PNC Financial Services Group 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.
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.
None of the banks that received more TARP money, including Bank of America and Citigroup are awarding bonuses to their chief executives for 2008.
“The board’s decision takes into account PNC’s strong relative performance, as well as the challenging circumstances facing our industry and the economy,” PNC spokesman Brian Goerke said.
PNC’s stock price has fallen 67.5% from their 52-week high set last September 19.
Mr. Goerke said no TARP money is going toward the bonuses, saying: “This is coming from our business revenue.”
Earlier this month, PNC announced plans to lay off 5,800 workers.