mik123

Increased Government Investment in Banks?

If TARP states the money can not be used for acquisitions and can only be used for lending as Barney Frank stated Friday, I don't see how there will be regulatory approval on the PNC -Nat City deal. That's probably why you haven't heard of any other deals. National City can stand alone and save thousands of jobs. TARP was passed to help National City. It appears Nat City was pushed into the merger by a top treasury official that worked for PNC as an attorney until Aug. 2005. He probably will be back representing PNC after todays election. Call Latourette, Barney Frank, Sen Shumer and your local house and senate representatives and demand National Citys share of TARP. There is no way they can be denied since Citigroup and others with inferior financials to Nat Citys received funds. Prior to the merger announcement, there were 10 buy recommendations by analysts who follow the company in detail. I believe the deal has an escape clause if it doesn't receive regulatory approval. Barney Frank came out Friday and said it's illegal to use TARP money to acquire another bank. That should make the deal null and void. The top three officials at Nat City are walking away with apx. 16 million. If they accepted TARP money and stayed independent, they would be limited to $500,000 max. compensation per year. All this poses many questions.