financial and economy : Chittenden Corp. has appeared on a list of the top 50 companies
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in the country for insider loans to corporate officers and directors. Bank officials dispute the ranking, saying Chittenden should not be on the list. Chittenden ranked 17th on the list with $30.9 million in outstanding loans. The study, My Big Fat Corporate Loan, was done by The Corporate Library of Portland, Maine, a shareholder advocacy firm, and is reported in the November issue of Business2.0 magazine. The report is due out next month and looked at proxy statements filed with the Securities and Exchange Commission for the largest 1,500 companies in the country, said senior research associate Paul Hodgson. The so-called insider loans are illegal, a change made in response to excesses exposed over the last year. The type of loans that raised ethical questions include cash loans to executives for purchase of stock, large relocation loans and cash loans given as perks to executives that would be partially forgiven over time.
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