Campaign 2010

May 26, 2010

Millionaire Michele Rollins Quadruples Compensation, Pads Her Bank Account with Tax Payer Dollars, T

Millionaire Michele Rollins Quadruples Compensation, Pads Her Bank Account with Tax Payer Dollars, Then Resigns

Delaware Republican millionaire Michele Rollins lined her bank account with taxpayer dollars, saw her compensation quadruple after her firm received TARP funds, and her company paid out millions in bonuses, despite the fact that they’ve yet to pay back tax payers.  Now she has resigned, hoping that could help her hide her record from voters.

Michele Rollins has officially stepped down as a member of the Wilmington Trust board but only after coming under scrutiny for her record at the firm. In 2008 the company received a $330 million tax payer-funded bailout and proceeded to pay out $31.5 million in bonuses, and Michele Rollins even saw her personal compensation quadruple.  The firm paid out these bonuses and increases in compensation despite the fact that they’ve yet to pay back taxpayers. 

“Michele Rollins padded her bank account with tax payer dollars, saw her compensation quadrupled after her firm received TARP funds, and her company paid out millions in bonuses without paying back a dime to tax payers.  That’s her record, and Michelle Rollins can’t hide from it no matter how hard she tries,” said Shripal Shah, Regional Press Secretary for the Democratic Congressional Campaign Committee.

“Michele Rollins’ resignation doesn’t change the facts: she represents all that is wrong with corporate greed and arrogance in America.”

BACKGROUND:

Republican millionaire Michele Rollins lined her pockets with tax payer funded TARP money.  Rollins saw her compensation quadruple right after her firm, Wilmington Trust, received a $330 million taxpayer-funded bailout in 2008.  While the company has been quick to pay out bonuses and compensation to its top executives to the tune of $31.5 million in 2009, Wilmington Trust has yet to pay taxpayers back. [News Journal, 3/25/10]

Rollins resigned from Wilmington Trust. [Philadelphia City Biz List, 5/26/10]

 

###