October 24, 2008
PNC to buy National City with Your Money
PNC said it would sell $7.7 billion preferred shares to the government and then announced it would buy National City for $5.2 billion in stock. The acquisition was a "take-under"; the value of the PNC shares exchanged for National City shares was under the closing price of the stock Friday. In essence, the government financed the acquisition.
October 24, 2008 | Permalink
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The FED just gave PNC Bank $5.56 billion in the bailout with which the bank did an acquisition.
The link below details corruption at PNC Bank:
Should the FEDS not be regulating PNC?
Posted by: susan diamond | Nov 20, 2008 5:45:48 PM