Congressman Wants PNC-Nat. City Deal Investigated

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Half of their 401K? Try between 90-95% of it!!! Their stock went from like 34 to 2 within one year.
I also believe something shady is going on here. And what's up with Peter Raskin??? CEO for 1 year then sells the bank for next to nothing while he walks away with an 8 million dollar payout and the title of Vice Chairman of PNC? Let the investigations begin...

Scott of PA 8:50PM October 27, 2008

If he had voted for the bailout then he's covering his behind, but I just checked and he voted against the bailout. I don't like when government picks winners and losers, so I support this action. Go Steve go!

Helms of OH 8:37PM October 27, 2008

National City was making a come back. The media and government has orchestrated this sale. It not only effects Ohio but KY and Indiana and many others. The employees has worked endlessly to hold on to it's customers. Now they end up losing half there 401K due to the stock price and the corporate brass gets millions in warrant money and they caused the problem. Lets talk about fair. National City can survive without PNC.

of KY 8:24PM October 27, 2008

NNC was confiscated for reasons unknown to the common shareholder, who is well aware the book value of his share is around $8.
PNC shareholders are getting a windfall, NCC shareholders are basically footing to bill for everyone else to have a party and a good time.
Think about this. NCC will be handing over almost $8 billion in cash. That is more than she is being paid for all of her assets, with her total equity being 18.9 Billion. PNC is profiting 10.1 Billion from this sale alone, not counting the additional government money being infused.

Hyrule of NJ 7:49PM October 27, 2008

As a customer of NCB, I felt this was a bad deal from the moment it hit the news on Friday. It had the smell of a political heavy hand on it all the way.
One of the major concerns I had with this TARP program, was just who had the control and how was it going to be over looked. If what was stated in the article is true, then we have a very serious problem.
If this PNC/NCB deal goes through, PNC will be less one customer of significant annual deposits and I would suggest others look at that possibility as well. I have already told our local branch office I will be withdrawing our cash as soon as I get another account setup.

Soon to be ex-NCB customer of OH 7:24PM October 27, 2008

This is a horrible deal for National City and it's employees, the city of Cleveland, and the taxpayers of America.
Paulson should be ashamed that his power was used to forge this "deal."
I'm ashamed of our goverment.

A very concerned citizen of OH 7:03PM October 27, 2008