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Giant Companies are Using YOUR Money to Buy Competitors

Posted By admin On October 25, 2008 @ 4:33 am In Featured Stories | Comments Disabled

George Washington’s Blog [1]
Saturday, Oct 25, 2008

Giant companies are using YOUR money to buy their competitors.

For example, Bloomberg writes [2] today:

 

PNC Financial Services Group Inc., Pennsylvania’s biggest bank, plans to buy National City Corp. for about $5.2 billion in stock after receiving U.S. Treasury funds.

***

The $7.7 billion of Treasury funding, part of the government’s $250 billion plan to recapitalize banks, “put this transaction on a very solid footing,” PNC said.

Remember that the $250 billion is part of the $700 bailout which taxpayers are paying for.

This confirms CNBC’s report [3] that the feds were using the bailout to push bank mergers.

Update: Bloomberg posted a second article entitled “PNC’s $5.2 Billion National City Purchase Is Takeover Template for Paulson [4]after I wrote this essay, which says:

 

PNC Financial Services Group Inc.’s taxpayer-backed $5.2 billion purchase of National City Corp. is a blueprint for regional bank takeovers pressed for by U.S. Treasury Secretary Henry Paulson, investors said.

Giant Companies are Using YOUR Money to Buy Competitors  161008pptv1 [5]


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URL to article: http://www.prisonplanet.com/giant-companies-are-using-your-money-to-buy-competitors.html

URLs in this post:

[1] George Washington’s Blog : http://georgewashington2.blogspot.com/2008/10/giant-companies-are-using-your-money-to.html

[2] writes: http://www.bloomberg.com/apps/news?pid=20601087&sid=aJLEDfzCqJpQ&refer=home

[3] report: http://www.cnbc.com/id/27293483

[4] PNC’s $5.2 Billion National City Purchase Is Takeover Template for Paulson: http://bloomberg.com/apps/news?pid=20601087&sid=ax7j8ap2B9D0&refer=home

[5] Image: http://www.prisonplanet.tv/subscribe.html

[6] Companies start competing for bailout money: http://www.prisonplanet.com/companies-start-competing-for-bailout-money.html

[7] Bailout Money – Instead of Being Used to Stabilize the Economy or Even the Bailed-Out Companies – is Just Going to Line the Pockets of the Wealthy: http://www.prisonplanet.com/bailout-money-instead-of-being-used-to-stabilize-the-economy-or-even-the-bailed-out-companies-is-just-going-to-line-the-pockets-of-the-wealthy.html

[8] The Government Has Given Banks YOUR MONEY, and You Won’t Get Anything For It: http://www.prisonplanet.com/the-government-has-given-banks-your-money-and-you-wont-get-anything-for-it.html

[9] US forced banks to take bailout money: http://www.prisonplanet.com/us-forced-banks-to-take-bailout-money.html

[10] Under Proposed Bailout, Feds Could Speculate, Nationalize Any Company or Industry, Or Do Anything Else They Want Using Taxpayer Money: http://www.prisonplanet.com/under-proposed-bailout-feds-could-speculate-nationalize-any-company-or-industry-or-do-anything-else-they-want-using-taxpayer-money.html

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