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NEW YORK (MarketWatch) -- In a move that signals yet another turn in the government's dramatic attempt to rescue the U.S. financial system and restart credit flows, the Treasury agreed to invest $7.7 billion in PNC Financial Financial Services Group Inc., which will use the lion's share of those funds to buy regional rival National City Corp.
The deal to acquire Cleveland-based National City, valued at roughly $5.5 billion in stock and cash, confirms recent market speculation that banks receiving Treasury investments might use those funds to finance acquisitions rather than for direct lending.
Originally posted by burdman30ott6
reply to post by anachryon
They ought to give these scheizenkopfs parachutes made out of real gold, in an airplane 35,000 feet above the ocean, and shove their asses out of said plane. If they survive the fall, they'll have a painfull choice to make... sink with my ill gotten gains or swim with the other sharks?