A specific type of golden parachute which refers to executives who receive a disproportionately large reward, bonus or bailout despite being painfully incompetent at their job to tragic ends and use said reward in irresponsible ways.
This is most accurately directed at executives in the finance industry who received money from the TARP act intended to save the economy and, instead, used it irresponsibly.
In parts of the US, pronounced "tar-POLE-ee-in bailout."
Man, can you believe those fuckers at Citibank? Got a TARPaulin parachute and pissed it away on interior decorating, hookers and blow. Get the pitchforks and torches, I feel an old-school populist rage coming on.