Quote:
Originally Posted by dtw
Paul, sounds like PNC is not the only bank doing this, from what you and others are saying. Basically a 2nd tier of bailouts. Banks have been consolidating at a rapid pace for years now, I bet the activity gets even more sharp now.
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I just saw where this would be illegal. The influx of funds is to be used "solely for lending". Of course, the loophole (for the healthy banks) will be, "but that dollar I used to "buy" is not a "taxpayer" dollar, but one I already had"...this pile of poo just keeps getting stinkier. For what it's worth Dave, I "hope" the banking consolidation doesn't accelerate (and I seriously doubt that it can at a faster rate than it has over the past 20 years, since many of the fairly large regional banks have already been bought out). IMO, that (the creation of mega-banks) is EXACTLY what led us down this path of mis-management and humongous executive salaries in the first place. I spent the first half of my technical career inside the belly of the beasts (a top 20 bank that's now part of BoA), and later Wachovia (but not the First Union that it is now), and it was downright ugly from my perspective as all "we" did was gobble up "typically, better managed" banks the whole time. The big fish eats the little ones, so to speak, consequences be damned. Well, the consequences are now being shifted to the rest of us
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