Wachovia execs to get big payouts?

Here's some grist for the political mills that are churning in high gear right now: Three of Wachovia's top executives have change-in-control agreements that could result in multi-million payouts if they leave after Citi buys the company, reports bizjournals. Ben Jenkins, head of Wachovia's general bank, would receive $13.3 million in severance payments and a pro-rated bonus of $3.7 million. Steve Cummings, head of corporate and investment banking, would get $12.8 million in severance and a bonus of $3.75 million. And David Carroll, head of capital management, would get $10.3 million in severance and a $2.75 million bonus. The government assisted in the deal. As for CEO Robert Steel, we applauded his move in July to use his own money to buy $16 million worth of Wachovia stock (in the $15 to $17 a share range). He's going to lose most of that, but he put his money where his mouth was. He deserves credit.  

For more:
- here's the bizjournals article

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