Congressman Wants PNC-Nat. City Deal Investigated

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This is a prime example of what is wrong with our economy, corporate america and our goverment! All the fat rats up on high are feasting in the glory of their conquest while the peasants who have labored for years to actually build something foot the bill and suffer the wrath of the undeserving criminals that stole NCC from its shareholders. I hope they can sleep at night! Somehow, someday this needs to be made right! Thanks allot PNC and NCC execs!

Ms. M of OH 10:59PM October 28, 2008

A month ago, NCC book value was roughly $5.50/share. Fear had the stock selling at around $2.00. Did PNC get a deal at $2.23 per share? I think so.
Denial of TARP funds alone would not have doomed NCC. So long as there was not a run on deposits at NCC, they reportedly had sufficient funds to weather the current market conditions and again become a profitable company once market conditions began to improve. The spectre of the mysterious reason why NCC was denied TARP funds would be the fatal blow. The OCC basically euthanized NCC.
When the acquisition of NCC by PNC goes through (as it probably will), that will take another bank out of the competition mix for fees and deposits. As a current bank employee, but also a consumer and tax payer, I have serious concerns about the direction that TARP is taking the banking industry. Years ago I had heard predictions of the eventuality of having 4 or 5 "Super Banks" in the US and a lot of small neighborhood banks. I did not think that I would see that day happen. But as so often has happened, I find I was wrong.
I fundamentally opposed TARP because I feel that it is not government's place to protect bad investment decisions. The money from TARP should have been used strictly to protect the depositors' funds. If a bank made bad business decisions, has giving it taxpayers' money done anything to change that?
I do not think that NCC was going to fail. Prior management made some bad decisions and the result was losses in the billions. These bad decisions had been recognized by new management and many steps had been taken to turn the losses around. NCC was almost to the point where a "rebound" was expected. NCC has a very loyal customer base and was not experiencing deposit run-off. NCC was down, but not out.
Regardless of what happens as a result of Rep LaTourette's allegations, I think that what happened last week sealed NCC's fate.
Who is next?

Concerned Employee of PA 8:07PM October 28, 2008

This is the best thing for NCC. Are you kidding me, the stock was trading at $1.25 last month and now you have an issue with them selling out to a stronger regional bank already in the ohio market. This is the best thing to hit Cleveland in years. What are you waiting for a better deal. The one for $1.10 that was great. PNC is picking up the litter so the goverment is not stuck holding the bag and you want to complain about it. What do you think it would cost you the tax payer when NCC went under. I can tell you that it would be more then you are now.

Eric of DC 7:49PM October 28, 2008

hey you guys get a life you are a bunch of losers and probably don't have any jobs b/c your on welfare get a life

these people are ????? of 6:18PM October 28, 2008

Yes, our government is totally out of control, and Henry Paulson will take that to the max. He has NO concern for the country - only for himself and his cronies. This is only his first deal - and look at what a great job he's done (not). I hope that our new President will fire Paulson IMMEDIATELY. We have many more honest people who also know what they're doing, and we really don't need him or his "supervisor" of the bailout. He'll only cost all of us lots more money - so let's get rid of him!

PJ of CT of CT 5:59PM October 28, 2008

The deal has wall street analysts questioning it as well, who did not see an immediate catalyst for the sale given the company's good capital and reserve levels.
Secondary economic fallout, banks are employers and some banks are competitors this reeks of opportunism.
This process is faulted, the primary interest should be in reducing losses by facilitating the reselling of these homes or if possible restructuring the debts.
Warning PNC you will not hold my assets, I will use a local bank.
Buy “Key” “Huntington” or “Fifth Third” Sell “PNC” They will not end up with anything but our debt, close all the branches you will not need them.

Oengus of OH 4:03PM October 28, 2008

As an employee of National City in Indiana, I have mixed emotions. On one hand I do not like the forced sale of my company. But on the other hand, there was nothing really happenning that made us feel safe here. Raskind did what he thought he had to do. He has already said that he and his wife will donate the majority of his package to the Cleveland Foundation. If you could have heard his conference call to us, you would know that this is devastating to him. This is not what he envisioned, and he certainly believed that we would participate in the recovery plan. The greed and sickness here was not in the actions of our CEO. The GOOD part about this sale is that instead of losing an entire company to the unemployed masses, we will only be losing a small percentage. Yes it sucks for Ohio. No doubt. But in the big picture, this was the best move for the future stability of the rest of the company.

Matt of IN 12:47PM October 28, 2008

i was fired from pnc and I am behind on my pnc credit card and everything. pnc should be investigated and should NOT get 7.7 billion to buy a bank. they are not suffering. those people at pnc bank are down right greedy people and cold-hearted employers. the government should first let them sink instead let them get ahead and they should not use taxpayers money. like I said PNC should NOT get bailout money from taxpayers money. it is not fair to taxpayers. who going to help me out nobody. let PNC sink like all other banks.

ad of PA 12:04PM October 28, 2008

i was fired from pnc and I am behind on my pnc credit card and everything. pnc should be investigate and should get 7.7 billion to buy a bank. they are not suffering. those people at pnc bank are down right greedy people and cold-hearted employers. government should first let them sink instead let them get ahead and not use taxpayers money.

ad of PA 11:59AM October 28, 2008

There appears to be a substantial disconnect between what NCC's balance sheet, loan loss provisions, and non-performing loans claim to be and what PNC says. PNC claims they will write off another 20 billion? How can investors or customers have any level of confidence with these kind of discreptancies?

Travis S Hiner of NE 11:08AM October 28, 2008