The Party. The Hang Over. Now...THE RECESSION...

[Confucius]

This topic is way to important to not have its own thread... I don't know about you...but this is causing havoc to people who are close to me. And yes, we are in a recession.


http://www.reuters.com/articlePrint?...39525420081009

UPDATE 1-U.S. bank National City in sale talks -WSJ
Thu Oct 9, 2008 2:26am EDT
(Adds background)

Oct 9 (Reuters) - U.S. regional bank National City Corp (NCC.N: Quote, Profile, Research, Stock Buzz) is in talks with a number of banks about a possible sale, the Wall Street Journal said, citing people familiar with the situation.

PNC Financial Services Group Inc (PNC.N: Quote, Profile, Research, Stock Buzz) and Toronto-based Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) are among the potential bidders, the paper added.

National City and PNC declined to comment and Bank of Nova Scotia couldn't be reached, the paper added.

National City did not immediately return a call from Reuters seeking comment, while PNC and Bank of Nova Scotia could not immediately be reached for comment.

National City had said in late September it had no plan, intention, or need to raise additional capital, or the need to undertake any particular transaction because of insufficient capital.

Shares of the big Ohio-based bank have plummeted over 85 percent so far this year as the regional bank sector suffers from a crisis of confidence, even as Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) spar over another regional bank Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz). (Reporting by Savio D'Souza in Bangalore; Editing by David Holmes)


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I guess this is better than the bank going under completely. This sub-prime mortgage mess is unbelievable.