Congressman Wants PNC-Nat. City Deal Investigated

Peter Raskind

You are right he had an agenda. He tells his employees not to jump ship after he screws Cleveland, the employees and the shareholders. But it gets better. He quits effective dec.31. and the employees find out that he changed their severance package to screw them right before the sale and he makes sure his parachute is fully open at 21 million! happy holidays Peter

frances of OH @ Dec 04, 2008 20:56:59 PM

First off, National City was no where near going out of business. I agree that this whole thing with PNC WAS orchestrated buy the media and the government as well. Why does the media insist on invoking fear in the American public? MAybe if they would do a little more research on these things instead of just lookig to up their ratings....

NCC EMPLOYEE of OH @ Oct 31, 2008 15:32:39 PM

nat city-pnc

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 @ Oct 31, 2008 12:17:34 PM

National City Bank Give Away

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 @ Oct 30, 2008 16:55:16 PM

PNCs takeover of NCB

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 @ Oct 30, 2008 09:03:15 AM

GREED SUCCEEDS!!

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 @ Oct 29, 2008 15:33:14 PM

Horrible Deal? NOT

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 @ Oct 29, 2008 14:52:50 PM

Government program

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 @ Oct 29, 2008 13:03:19 PM