moneytalks

So now it is coming out that National City bank was in trouble far deeper than they let the general public know. It turns out that NCB was begging as many as three banks to buy them out over the past couple of months. One of them being PNC, another being U.S. Bank, the other one I’m not sure of. US bank were the only ones offering up any bids but the deal was not looked highly upon by the government. On the 11th hour PNC stepped up with an offer that was not matched by US bank. Reports claim that government officials have been checking the books of National City as many times as once a day. The bank was on the verge of being forced into bankruptcy if no buyers came forth. Nearly all of the depositors holding more than the FDIC insured $100,000 pulled their money and businesses were refusing to do business with them. And those who were still doing business with them were only doing the most basic dealings but not without collateral. Just goes to show how little these corporate giants let out to the public when the problems are going on.

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