October 25, 2008
Government's Role in the National City Deal
We now have discovered that the government, in this case John Dugan in the Office of the Comptroller of the Currency, is forcing bank deals with the selective granting and withholding of promises to get government bailout money. He promised PNC $7.7 million and refused to give National City anything, forcing National City to look for a buyer at distress prices. The effect? PNC buys National City at distress prices. This puts a great deal of power in the hands of one person, Dugan, that is unrevealed and unaccountable. It would be interesting to get Dugan before a questioner and ask him what investigation he had done on National City and what standards he had applied. Would he apply them to other banks? The opportunity for favoritism and cronyism here is obvious and dangerous.
October 25, 2008 | Permalink
TrackBack URL for this entry:
Listed below are links to weblogs that reference Government's Role in the National City Deal: