National City executives to get golden parachutes ($50 Million from bailout money)

[Algorem]

Source: Plain Dealer


Posted by Robert Schoenberger/Plain Dealer Reporter December 31, 2008 10:43AM


CLEVELAND -- National City Corp.'s top executives could get as much as $50 million in payouts thanks to closing today of the bank's $5.6 billion merger with PNC.

The payouts to National City's top 14 executives could total $49.5 million before taxes, according to filings made by PNC. Those payments had been thrown into question this year because PNC is buying National City with bailout money from the Treasury Department. The legislation that authorized the bailout forbids paying such "golden parachute" bonuses to officers of banks receiving the funds.

But National City did not receive the funds and apparently is not subject to those restrictions. PNC spokesman Brian Goerke said Tuesday that the parachute agreements "were existing obligations of National City, and PNC expects to abide by them." Executives who stay with PNC after the merger will not receive the payments.


Peter Raskind, National City's outgoing chief executive, stands to receive about $8.1 million in severance payments thanks to the merger. Earlier this year, he said he would donate a significant portion of those funds to the Cleveland Foundation if he received them. Raskind plans to leave the bank after the sale...


COMMENTS (47)Post

Read more: http://blog.cleveland.com/business/2008/12/national_city_executives_to_ge.html

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Default 30 Years Ago- Forbes, PD Vs Kucinich

http://www.clevelandleader.com/node/8280

Submitted by Roldo Bartimole on December 15, 2008 - 10:51pm.


Has it been 30 years already?

Cleveland’s default, I was reminded by a call from WCPN, has an anniversary tomorrow - 30 years since the city was taken over the brink by Mayor Dennis Kucinich, Council President George Forbes, the Cleveland corporate community and the Plain Dealer.

A call from WCPN program host Rick Jackson sent me to check some old articles on the news of those days in Point of View, the newsletter I wrote to try and counter the propaganda of the Pee Dee and its corporate string-pullers. WCPN will have a report on the default Monday morning.

Tensions at City Hall were high throughout that day...

[WCGreen]

1. Thanks for Fucking Cleveland in the Ass again....

[high density]

2. Today PNC sold $7.8 billion of itself to the US Treasury thanks to TARP...

National City stockholders will receive 0.0392 of a share of PNC common stock for each share of National City common stock based on the terms of the merger agreement, with any fractional share of PNC common stock paid in cash. Shares of National City will no longer be listed on the New York Stock Exchange.

National City branches will continue normal operations, and customers should continue to use National City's services as usual. PNC will provide comprehensive customer information prior to the conversion of National City branches, which will begin in the second half of 2009.

PNC also concluded its sale of $7.6 billion of preferred stock and warrants to the U.S. Treasury under the TARP Capital Purchase Program.

http://pnc.mediaroom.com/index.php?s=43&item=604

Now I agree that we need the banks to loan money, but we cannot be giving them billions to help finance their acquisitions or dividend payments to shareholders.

[benld74]

3. Just now paying monthly bills and,,,,

seeing this made me throw the check book against the wall in disgust. The dirty *tards, no good s8n b8tches. These are the types that used to get tarred and feathered and ridden out of town on a rail, now they get bought off and sent away. Makes me sick to my stomach.

[Baby Snooks]

6. Read this and really get disgusted...

http://news.yahoo.com/s/ap/20081231/ap_on_bi_ge/treasury_bailout

And the Federal Reserve still refuses to disclose to even Congress where $2 trillion went. And the Democrats will blame the Republicans and the Republicans will blame the Democrats and everyone keeps voting these same old schmucks back into office. They are all corrupt.

[OhioChick]

4. K&R

:kick:

[Baby Snooks]

5. "Never met a loophole I didn't like.."

That's the motto of the corporate crooks. "Never met a loophole I didn't like." Of course most of them paid for the loopholes through their lobbyists. You do have to ask if you haven't already asked just who Congress represents.

[captain jack]

7. I think by now it's very clear that these executives can do as they please.

[edc]

8. Congress steadfastly refuses to govern.

As a result, the constitutional powers of the federal legislature have passed to private interests with the power and willingness to exercise them.

[salguine]

9. Has anyone ever thought of filing a class-action suit on behalf of the American People

to recover the money when it's used this way? I'll bet a few citizens would sign on.

[Mnemosyne]

11. This would be a great thread of its own. n/t

[salguine]

12. I'm pleased you think so. However, I have no idea how to actually start a thread on here...

[Festivito]

10. Money buys silence?

They need to gobble up good debt to mix with the bad so they can collect the money they created out of our pockets for years to come, even though Obama will be in charge.

[sarcasmo]

13. Makes me sick! No more money to these banking executives.

[opihimoimoi]

14. This is DISGUSTING....not taxpayers money...tell me its not.....