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Bailout Money Helps Ohio Lose Jobs

10/26/2008

PNC Financial Service Group, from Piitsburgh PA, is buying National City for $5.6 billon dollars and which will make PNC the 5th largest bank by deposits with the fourth most branches.

This move by PNC makes them the first US bank to use some of the $700bn dollars of the government bank bail-out to purchase a rival,

The Pitts-Tribune Review quotes a high ranking PNC official stating that they will be able to save “30% of the cost out of the corporate office in Cleveland” with consolidations etc.

Democrat Congressional candidate Judge Bill O’Neill, in a statement released yesterday, said he wants to know where “Representative Steve LaTourette was when the federal dollars were used to allow PNC Bank to buy National City Bank? As Cleveland braces for the loss of yet another Fortune 500 company, thousand of jobs hang in the balance.”

O’Neill also states that “This tragedy is a failure of our representation in Washington of the highest degree. Northeast Ohio tax dollars are being spent to take thousands of jobs out of Northeast Ohio.”

Dare To Dream has noticed that Congressman LaTourette has been a member of Congress for 16 years and just now campaigning on the main issue of “Buy America” and “change.” This tactic seems to be contrary to most of his career in Congress and especially in his votes to deregulate an industry that has brought about the present economic crisis.

Democrat Candidate O’Neill has challenged LaTourette to “own up” to his role “in the financial crisis at the root of National City’s problems, from LaTourette’s votes to deregulate the industry that helped fuel the meltdown to the campaign cash (more than $1 million) he has received from the financial service industry…Now that thousands of jobs are leaving our region, Congressman LaTourette is nowhere to be found.”

One Comment leave one →
  1. Scott permalink
    10/27/2008 7:27 pm

    Bill O’Neill Supported the bailout.

    Steve LaTourette opposed it.

    http://blog.cleveland.com/openers/2008/09/americas_financial_crisis_is_c.html

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