User 179809

National City Corp. Story Unlikely to Have Happy Ending

What kind of banker loans money to people without verifying their income or ability to repay the loan? Answer: the bankers at NCC.
Where were the "independent directors"? What were the internal auditors doing? Was the CFO playing golf? While the shareholders have lost thousands and had their income substantially reduced, the former CEO walked away with how many millions for his success in driving a once solid bank right into the ground? Seems to me there has been a serious violation of fiduciary duties by the board and senior officers of NCC.