Taxpayer Bailout Protection Act of 2008 - Amends the Sarbanes-Oxley Act of 2002 to require an officer of an issuer of registered securities to pay to the Department of the Treasury any bonus or other incentive-based or equity-based compensation received from the issuer during a year in which the issuer is subject to a taxpayer bailout and the two prior years.
Defines "taxpayer bailout" as: (1) placement of the issuer under conservatorship, receivership, or other assumption of the management, governance, and control of the issuer by the Treasury or by the Board of Governors of the Federal Reserve; or (2) an emergency loan of public funds made to the issuer by the Treasury or the Board, if the Board Chairman determines that such a loan is necessary to prevent the issuer's imminent failure.