Congressman Wants PNC-Nat. City Deal Investigated

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I would just like say first off this is the most ridiculous deal i have ever seen proposed, ever! I am an employee of national city for 4 years, and have given my all to that company, and so have all our other employees. We are by far a better bank, a better environment, and treat our customers ten fold the way pnc operates. For the past year i have seen our stock go from 34 a share to 2 a share. what do the national city employees get out of this, nothing!!!! All we got was a frustrating year(in which we still have brought more net new deposits than pnc and more households in pittsburgh). The employees have given their all while our wonderful ceo Peter Raskind sells a company off for 5 billion when its worth three times that, but what does he care, he gets 8 million and still gets to keep a high profile job continuing to make millions. Its just another prime example of our gov't doing such a great job stealing all the little peoples money. i cant wait till Barack Obama gets in office, so you "rich" folk start to pay finally instead of getting richer the past 8 years while us working middle class have seen nothing but people losing jobs, losing their houses, and their sanity. this is just another prime example of republican politics, lets get richer while we watch everyone else scrape to live.

national city employee of PA 12:17PM October 31, 2008

This PNC buyout of National City Bank stinks. How is possible for a regional bank with reasonable capitalization to be purchased by another regional bank with similar capitalization using funds given to it by the Federal Government. It is especially troublesome when we see that PNC is paying below the stock price for control of National City. How can this be? How does National City's management and board justify a deal like this. I don't know how this kind of deal gets shareholder approval. National City Bank has lost over 92% of its value. They sell off assets in order to increase capital and then sell what remains for a bargin basement price. It does shout out for someone to look at this deal and answer why it makes sense. It also cries out for someone to watch very closely what type of buyouts the existing National City Bank Management gets. Will there be any AIG type golden parachutes? I find it hard to believe the PNC offer was the best offer National City could have gotten.Remember the Wells Fargo deal?
I am a shareholder and I can assure you I will be looking very hard for answers.

Joe Novello of MI 4:55PM October 30, 2008

It is a hostile take over orchestrated by our own government! It is a sad day for our country when a bank that has withstood this country's financial crises for over 160 years is acquired by a smaller bank. Raskind is quite the actor, choking emotionally as he told employees of the sale, knowing full well that the vast majority of NCB employees will soon be unemployed. As he tearfully made the announcement, he knew he had negotiated a multi-million dollar golden parachute and secured a vice chair position for himself. For months NCB employees were told to hang on and stand tall and we did. We jeopardized our careers and families believing we are doing the right thing for NCB. We have all lost 401K $$ and will be in the nation's swelling unemployment line. I demand an investigation.

of KY 9:03AM October 30, 2008

Why isn't THIS making the national news?? This should be more than one congressman calling for answers. For months I have been trying to get answers from National City Bank about their financial status and always told "everything is fine". Well, being a loyal American and having lived long enough to see what greed can do, I knew problems were coming for NCC.
The entire bailout stinks and PNC should be investigated for it's part in this fiasco. What ever happened to "conflict of interests"?
It seems we have no more leaders in our government who really care about what is happening to our once great country. At least there is ONE congressman who seems to have a conscience and I will be watching for further news on his endeavor.

Disgusted of KY 3:33PM October 29, 2008

I agree with Mike from PA. The reason National City is where it is? Allowing BAD loans. Being an originator for PNC, Nat City always was the joke. If no one will do that crap deal, call Nat City. Do you really think you would have made it with out PNC and the governments help? Does WAMU or Wachovia ring a bell? Nat City was next DUH. Be glad most of Nat City employees will still have jobs.

They did to themselvs of NJ 2:52PM October 29, 2008

We created a new government program, what did you think was going to happen? Government usually doesn't work, remember? We give money to banks who don't need it or want it ( Rich get Richer ) and then don't give money to banks who could use it to keep people employed which would let those people not use unemployment benefits ( causing another stimulus) and with no income since the government didn't pick your employer good luck paying your mortgage.

Richard of IL 1:03PM October 29, 2008

I just want to keep my job!

National City Mortgage Employee of OH 9:18AM October 29, 2008

PNC is an immoral, corrupt finanacial institution. We have been customers for over 18 years we were steered to a well honed RICO enterprise that costs my family in excess of 75,000.00 over the last six years. They feigned concern over the false annuity application submitted by thier financial consultant, falsified information on the application submitted to Metlife.
The funds were to placed in a money market account, then shuttled off to said annuity. The second form signed was provided by the agent George Sepero (who has since been stripped as a financial consultant, for perjury to FINRA Although he was working for Hilliard Lyons, his card given to us was that of an employee of PNC.
They committed wire fraud, mail fraud, numerous false statements on an insurance applicatin for the commissions Allegedly 8%. We never recieved the application itself, Metlife sent it to the broker although PNC stated hat it was mailed directly to our home. They claimed that we signed a reciept at the time of his delivery. Which was more deceit on the part of their compliance department.
I am more than willing to meet with anyone, anywhere to provide hard copies of this information.
They used this process on numerous occassions and . The biggest earner for PNC was this system of annuities with insurance companies. This bank is a house of cards and needs our tax dollars to keep afloat.
All people should run from any bank that does business with, partnered or owned by PNC.
When I spoke to Mr. Sepero's partner a Ken Wengner who trianed and supervised him in his apprentice phase, he advised me to pull the money and lose all interest earned, that I was not the first will not be the last him. They have done this to many people (as his record of complaints indicateas as well as Sepero's), and that even if we filed a complaint there would be no justice via the SEC.
This mentality is why our country is in the shape it's in.
God Bless America, what our enemies could not do, we have allowed to happen through to us via a "free capital system" that kept feeding the pigs with blinders on. We are in for some tough times.

Bill Connelly of NJ 12:27AM October 29, 2008

I am a current shareholder of National City Corporation.When I invested originally I review and study very carefully and monitoring very closely the financial balance sheets of National City Bank. I was reviewing numerous and monitoring different analysts giving it a "BUY" or "OUTPERFORM" on the stock. I received the letter from the CEO Peter E. Raskind that the company was very "WELL CAPITALIZED" on numerous occassions. I was in contact with their Investor Relations Department and they provided me false financial data regarding their exposure in defaulting loans and sub-prime mortgages. But with the false information being provided the book value still for the National City Corporation stock was $8.00 per share. Therefore how can they takeover a bank with the value of $8.00 per share with the price of $2.23 per share?
Without a doubt there is malicious and fraudulent intent done here. This should be investigated to the fullest extent of the law. I am asking the media,any government official or agency to investigate this immediately. I personally have lost over $200,000.oo of hard earned money due to the greed and arrogance of the Board of Director,the management including the CEO of National City Corporation, Mr. John Dugan and the Secreatary of Treasury Henry Paulson that is providing the capital infusion for a bank that is in the Category of Tier 1 Ratio. The highest category in rating for banking.
Please help me and the victimized shareholders of National City Bank.
Thank you kindly.

Aldo Ismael Perez of FL 11:27PM October 28, 2008

I was a customer of NCB in Ohio.
Paid on a house for 24 years......excellent credit ratings until the recessions in Ohio caught up with me.
NCB showed me absolutely Nooooooooo Mercy!!!!!!!!!!!!
These people were preditory in every sense of the word.
After I was knocked out of work, missed a few payments,, they phoned me relentlessly everyday (sometimes much more).
Their company that handled "Home Equity Loans" were simply evil.
>>showed no mercy to the struggling homeowner at all.
>>>>>My family lost their home<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
As for me, I think NCB stinks & I am glad to see them get their own medicine. I think that many of their people operated on the edge of indecency and criminal acts.
Hope that PNC treats their customers better.

WC of OH 11:26PM October 28, 2008