jsc173

Why I Am Long National City

My observation is you are not taking into consideration what you might not know. The regulators handcuff banks using confidential MOUs (Memoranda of Understanding). As will see if you look at the post mortem on IndyMac, the government imposed lots of controls on Indy, but those controls were kept secret. You will not receive the explanation you wish from the government.

My suspicion is there's a lot none of us know about NCC and may not know, even though the optics (capital ratios, etc.) don't look horrific.

However, much in the same way Citi's aborted attempt to acquire Wachovia wound up being a JPM acquisition, if what you say is really true -- NCC is a giveaway at $2.23 -- then a "white night" will rescue them from PNC at something north of $2.23.

Right?