Regulator Dismisses Congressman's Allegations

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Buyout, lay offs, joblessness - These are all scary and unsettling, but was there any wrong doing? The article indicates that PNC received substantially more than the cap of 3% of TARP funds. Is this the truth? If so, then it needs to be investigated and reported. It doesn't matter that the funds will be repaid. It's about the Comptroller's office operating according to the guidelines established for TARP. How PNC uses those funds? The general public was lead to believe that they would be used to help them in the short term, not for companies to obtain the injection of capital to purchase other companies. This doesn't look like it helps the general public. How can PNC and National City quickly help the general public? It looks and feels like big company is getting bigger with these funds and the taxpayer is footing the bill. If government is to play a bigger role in the lives of the general public, then it needs to put forth a face that it really cares about the general public and governments actions need to support the rhetoric. These kinds of actions fuel the fire that government and big business are in partnership and the general public is left holding the bag.

Laurel Bouchard of TN 9:42AM November 02, 2008

Be patient. Nat City had announced a layoff of 4,000 before the deal. PNC has doubled in size and will not be able to service clientele at the customary high levels without doubling the workforce. The conversion won't happen until late 2010. Many will have found new jobs by then anyway. The call center and branch jobs will still be needed. NCC did a great job of raising cash through well above average deposit rates and the Corsair deal. But consumer confidence never came around. Bailout is a bad word. While it is taxpayer money. It is a loan that is to be repaid with in five years with a five percent dividend. The money is being used to make a PROFIT. When was the last time that happened. If any other bank had acquired NCC would the people of Cleveland been this upset? Or is it that a Pittsburgh based bank will soon run it that is so upsetting? PNC is one of the two or three strongest and best run banks in the country. Now NCC customers and employees will be part of that.

Matthew Gilbert of PA 11:48AM November 01, 2008

It's a shame that these types of dealings go on. It's no suprise though and it doesn't matter what party you belong to. As a stockholder, employee, and taxpayer, I would like to know why NCB was put on probabtion and denied the bail out money. I can not believe that the aquisition of Franklin Templton caused all of this failure.

Soon to be Unemployed of OH 6:25PM October 31, 2008

I would be interested in seeing the process used to decide who gets what money. I think it warrants looking into, as to why/how John Dugan and company have the power to say what banks get $$$...I thought taxpayer dollars were to be distributed to those that needed the funds. On the surface the offer seems to be "take it now or you won't get another chance" to those who don't require the funds. Is it the government’s choice to decide what banks get to survive, by offering buyouts with taxpayer money? Jobs will be lost by this deal, taxpayer’s jobs who contributed, whose money went to the bailout... Hey John, please feel free to explain why you dealt with NCB/PNC the way you did? I think the educated society would like to know how banks get your support. I don't like to see well established institutions be pushed out without at least an explanation therefore I welcome an investigation into this deal and will be calling on my leaders to question John Dugan and the office he represents...It is time the public stopped being led along by the nose and started making these officials answer.

W. Jim Styles of OH 2:33PM October 31, 2008

The Congressman should forward his concerns and the Regulator's dismissal to the Government Accountability Office (GAO) with a request for action. Clearly, the Treasury Official should have recused himself in this case.

Perry Douglas of MD 3:46AM October 31, 2008