America's Tenth Largest Bank
$25 billion in stock value has
vanished
First National's Ivory Tower
Headquarters
Retirees See Their Golden Years
Go Up In Smoke
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Peter Abraham Raskin Is President
National City Corp, a U.S. Midwest regional bank hard hit by the
credit crisis, on Tuesday announced plans to slash 4,000 jobs and said
rising reserves for soured mortgage and real estate construction loans
led to its fifth straight quarterly loss.
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Lots Of Loans To 'Friends'
National City set aside $1.18 billion for loan losses in the second
quarter.
A majority of the increased reserve was tied to a $21 billion
portfolio of home equity, subprime residential construction,
automobile, marine and recreational vehicle loans that the bank is
trying to exit. The portfolio was $17 billion three months earlier.
National City has been burdened with lower-quality mortgages it kept
when it sold its First Franklin Financial Corp subprime business to
Merrill Lynch & Co in 2006.
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They Bought Some Banks Off Their 'Pals'
It has also been hurt by its acquisitions in 2006 and early 2007 of
two Florida banks.
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How Does It Work?
Roosevelt's pals issue the bank charters, and they were mostly to
Zionists. The odd part is a bank loan officer can be a fairly profitable
job, when you can ok a $20 million dollar construction loan. Or you
could buy $10 billion of questionable loans from another pal. So when
the Kaplan Brothers present their 'Artist's Conception' drawing, with
projected profits, for 'Eagle Run Estates', you can lend them a $50
million construction loan.
Then there is the missing $25 billion in 401-k money from the stock
market. Naturally they will tell retirees like Jack and Martha
Christian, that the money has vanished. The Christians gave Jake Feldman
100 gold coins, and he gave them stock certificates, which are now
worthless.
Did the 100 gold coins disappear, or are they just in someone else's
pockets?
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