Replies to post #642 on National City Corp fka NCC

[lucky, mydog]

NCC(2.35)...
US Banking Regulator Balks At Lawmakers' AllegationsLast update:
10/29/2008 7:35:00 AM(This article was originally published Tuesday.) By Michael R. Crittenden Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--
A top U.S. banking regulator said Tuesday he had no role in steering federal funds to PNC Financial Services Group Inc. (PNC) so that the company could purchase National City Corp. (NCC) Comptroller of the Currency John Dugan, in a letter to Rep. Steven LaTourette, R-Ohio, said allegations that he had somehow favored PNC because the company used to be a client when he was in private practice were unfounded.
"This suggestion is absolutely baseless, and I am astonished that you would make such sweeping allegations without checking the facts," Dugan said in the letter. He was responding to a letter sent by LaTourette to Treasury Secretary Henry Paulson on Monday that suggested Dugan used his power as bank regulator to steer $7.7 billion in federal funds to PNC. "I am very concerned that the Comptroller first deprived bailout money to National City Bank and then orchestrated its sale to his former client, PNC," LaTourette said. Dugan, in his letter, noted that he had represented both National City and PNC while a lawyer at Covington and Burling and said past client associations "have had no effect whatsoever on my activities in this or any other matter." "Any actions that I have taken in my current position have been intended to serve the best interests of the national banking system that my agency supervises, and of which both National City and PNC are part," Dugan said.
-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; [e-mail]