National City sold to PNC

Bryan Schwegler · Post by **Bryan Schwegler** » Fri Oct 24, 2008 9:04 am

http://blog.cleveland.com/business/2008 ... _sold.html

Bad news for Cleveland.

Phil Florian · Post by **Phil Florian** » Fri Oct 24, 2008 9:59 am

This is pretty bad. Any chance they might say "let's relocate PNC to Cleveland!!" ?

sharon kinsella · Post by **sharon kinsella** » Fri Oct 24, 2008 11:43 am

So this means that our tax dollars that have gone to the bailout, have funded a potential loss of over 4,000 jobs to Pittsburgh.

Bill Call · Post by **Bill Call** » Fri Oct 24, 2008 11:44 am

Phil Florian wrote:This is pretty bad. Any chance they might say "let's relocate PNC to Cleveland!!" ?

The deal is being financed by the federal government. What's with that?

sharon kinsella · Post by **sharon kinsella** » Fri Oct 24, 2008 11:46 am

The funds are being distributed through the treasury dept. with bailout money.

Bryan Schwegler · Post by **Bryan Schwegler** » Fri Oct 24, 2008 12:22 pm

Phil Florian wrote:This is pretty bad. Any chance they might say "let's relocate PNC to Cleveland!!" ?

No, the PNC press release already stated the headquarters will be in Pittsburgh.

Bryan Schwegler · Post by **Bryan Schwegler** » Fri Oct 24, 2008 12:25 pm

And one question I have is where was DENNIS!?

Considering fed money is financing this, and we all know how DENNIS! loves his TV air time, I just wonder why he was so absent?

Charlie Page · Post by **Charlie Page** » Fri Oct 24, 2008 12:28 pm

A lot of good people out of a job. Iâ€™m sure a number will be relocating to Pittsburgh. Another hit to the housing market.

Bill Call · Post by **Bill Call** » Fri Oct 24, 2008 12:37 pm

Bryan Schwegler wrote:And one question I have is where was DENNIS!?

Considering fed money is financing this, and we all know how DENNIS! loves his TV air time, I just wonder why he was so absent?

This is just the begining.

It should infuriate you as it does me that OUR tax money is being used to close National City Bank.

Is this how the bailout is going to work?

Who gave PNB the money? Who authorized the payment? Who designed the deal?

It's like when Fidel Castro makes the victims family pay for the bullets used for the execution.

Beware the ObamaNation!! This is just the begining. $700 billion tax dollars being spread around without transparency or accountability.

Our elected representatives better get on this bandwagon. We need to steal from others before they steal from us. The last guy with his hand in the till comes up empty!!

Obama Forever!!!!

sharon kinsella · Post by **sharon kinsella** » Fri Oct 24, 2008 1:06 pm

Dennis voted against the bailout. You can check it and congress.org

I'm pretty sure that Sherrod voted against it also, but I'm not positive.

Phil Florian · Post by **Phil Florian** » Fri Oct 24, 2008 2:31 pm

Charlie Page wrote:A lot of good people out of a job. Iâ€™m sure a number will be relocating to Pittsburgh. Another hit to the housing market.

I heard some talk today that we might not lose ALL of the National City presense (minus the name change, of course). The thought is that PNC is, itself, not a giant in the industry like some of the other banks that were eyeing National City and they might not have the bricks and mortar as well as employees to take all their operations in. While it will be an impact, there is still some hope of keeping an employee base here.

Crossing fingers.

Phil Florian · Post by **Phil Florian** » Fri Oct 24, 2008 2:37 pm

Bryan Schwegler wrote:And one question I have is where was DENNIS!?

Considering fed money is financing this, and we all know how DENNIS! loves his TV air time, I just wonder why he was so absent?

So let me get this straight...now you are in favor of government intervention? Dennis can't seem to win with some folks. He voted against the bailout which means that he was opposed to using Federal dollars to allow things like this to happen. Why doesn't that win him props?

Because are you seriously telling me that if Dennis DID try to elbow his way into a legal trade situation like this...essentially tampering with the pristine model of financial security called the free market economy...then you wouldn't have given him hell for too much government intervention? Really?

Tim Liston · Post by **Tim Liston** » Fri Oct 24, 2008 2:44 pm

In something of an irony, PNC has never been a big player in residential mortgage, so they will probably keep National City's mortgage operation (such as it is) largely in place. But unfortunately that operation is not in Cleveland, it is outside of Dayton. I can't see them keeping very many jobs here in Cleveland, other than in the branch offices.

Brad Hutchison · Post by **Brad Hutchison** » Fri Oct 24, 2008 2:48 pm

Bryan Schwegler wrote:...Considering fed money is financing this...

Can someone explain to me why, if PNC is paying $5.58 billion, they are getting $7.7 billion from the government? I really don't understand that. Shouldn't PNC get, at most, $5.58 billion? Why can't I have $7.7 billion to buy National City, and keep $2.12 billion for myself? That would be kind of sweet. I'd keep NCB in Cleveland, at least.

Also, FWIW, a friend who works in the National City building (though not for National City) said:

It's ... terrible. I'm seriously depressed. Unless people work in downtown, Clevelanders in Avon, Parma, etc. do not appreciate what an awful impact this will have in Northeast Ohio over the next few years. We're turning into Youngstown and Buffalo.

Bryan Schwegler · Post by **Bryan Schwegler** » Fri Oct 24, 2008 3:13 pm

Phil Florian wrote:
So let me get this straight...now you are in favor of government intervention?

Phil,
Where did I ever give you the impression I wasn't?

Because are you seriously telling me that if Dennis DID try to elbow his way into a legal trade situation like this...essentially tampering with the pristine model of financial security called the free market economy...then you wouldn't have given him hell for too much government intervention? Really?

I have no problem with government intervention. Those that think the government shouldn't be intervening in this situation neither understand history nor economics.

My point wasn't gov't intervention, it was Dennis' normal behavior of grandstanding for votes. Didn't see it happen this time, just surprised I would have thought he'd be all over this like a shark with blood.