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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.

[5]


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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

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