Hearing Begins On Purchase Of National City Bank -- Rep. Steven LaTourette Wants All Records On Sale To PNC
POSTED: 8:14 am EST November 12, 2008
WASHINGTON -- The first congressional hearing begins Wednesday on Capitol Hill about the potential misuse of bailout funds, including the purchase of National City Bank in Cleveland.
Republican Rep. Steven LaTourette asked for the hearing. He made a sweeping public records request to the Treasury and Office of the Comptroller of the Currency about the National City sale. He is seeking all records, including e-mails, memos and phone records.
About $7.7 billion in federal bailout money was used to help PNC buy National City at a fire sale price. National City had been denied bailout money.
The Comptroller of the Currency, John Dugan, helped orchestrate the sale.
PNC was his client before he worked for the federal government.
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