October 26, 2008
Isn't anyone a little bothered about PNC-National City?
Treasury invests $7.7 billion in PNC, which turns around and buys National City for $5.6 billion - mostly in stock. So far, so good - though I'm waiting to see whether any lending liquidity eventually gets generated by the Treasury investment, or our dollars simply fund PNC's dreams for "bigness"...
But what bothers me is that certain equity investment firms will cash out hundreds of millions of dollars for investments it now appears they should never have made in the first place.
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