Executives at two bailed-out lenders could earn the kind of big paychecks that are normally a no-no for banks that still owe the federal government.

The chief executives of Marshall & Ilsley Corp. and Whitney Holding Corp. — which together owe $2 billion in federal aid — may get around pay restrictions thanks to a loophole in the Troubled Asset Relief Program's rules by selling their companies to banks that are not in Tarp.

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