tag:blogger.com,1999:blog-3098264341625381422.post5643435929363116259..comments2024-03-18T17:01:07.165-07:00Comments on The Provocateur: Some Perspective on PNC, Fraud, and the Bailoutmike volpehttp://www.blogger.com/profile/02999118519606254362noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-3098264341625381422.post-20989431031288977342013-09-23T07:13:02.773-07:002013-09-23T07:13:02.773-07:00My wife and I have had a nightmare of experience a...My wife and I have had a nightmare of experience attempting to refi our current mortgage held with NatCity/PNC. After 8 months, we've decided to "cut bait" and move on. I've dealt with a lot of banks due to my work and have never found a bank like PNC...its all-around shocking that the bank is still in business, stemming from poor business processes, terrible mismanagement, employees in positions clearly struggling, and hemorrhaging money. <br /><br />“Hemorrhaging money” you ask? How can I say this? It wasn’t known to the general public just how bad things were prior 2008. Up to the point of the PNC acquisition; National City Bank had failed and during that time, to not cause panic, the federal government gave money to banks to acquire the failing banks (NatCity to be bought by PNC). It’s not like these banks had the capital to make these purchases in a standard business process, they were provided opportunities. Swift decisions and not well thought out acquisition processes has led major growing pains and cultural clashes.<br /><br />Just like National City Bank, PNC’s financial statements are not telling the truth…..the numbers are fictitious and don’t add up to real life numbers. PNC prior to acquisition was okay, but no bank during that time was Teflon to what was going on around them. PNC’s financial statements over the past 5 years do not show the actual figures, some seem to disappear from quarter to quarter leaving a covered trail. Just how can a bank, with a cash infusion to have paid back, assume the debt and destruction of a failed bank yet show nothing on their financial statements? And on top of it, they’re making profits today……..did the federal government excuse this debt…….this debt is still in the court systems today. And with fancy accounting, we make it look like future income. Not sure how one can bleed a rock, but PNC’s generally accepted accounting principles method…….it appears you can.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-934218803599925342013-09-23T07:12:05.112-07:002013-09-23T07:12:05.112-07:00My wife and I have had a nightmare of experience a...My wife and I have had a nightmare of experience attempting to refi our current mortgage held with NatCity/PNC. After 8 months, we've decided to "cut bait" and move on. I've dealt with a lot of banks due to my work and have never found a bank like PNC...its all-around shocking that the bank is still in business, stemming from poor business processes, terrible mismanagement, employees in positions clearly struggling, and hemorrhaging money. <br /><br />“Hemorrhaging money” you ask? How can I say this? It wasn’t known to the general public just how bad things were prior 2008. Up to the point of the PNC acquisition; National City Bank had failed and during that time, to not cause panic, the federal government gave money to banks to acquire the failing banks (NatCity to be bought by PNC). It’s not like these banks had the capital to make these purchases in a standard business process, they were provided opportunities. Swift decisions and not well thought out acquisition processes has led major growing pains and cultural clashes.<br /><br />Just like National City Bank, PNC’s financial statements are not telling the truth…..the numbers are fictitious and don’t add up to real life numbers. PNC prior to acquisition was okay, but no bank during that time was Teflon to what was going on around them. PNC’s financial statements over the past 5 years do not show the actual figures, some seem to disappear from quarter to quarter leaving a covered trail. Just how can a bank, with a cash infusion to have paid back, assume the debt and destruction of a failed bank yet show nothing on their financial statements? And on top of it, they’re making profits today……..did the federal government excuse this debt…….this debt is still in the court systems today. And with fancy accounting, we make it look like future income. Not sure how one can bleed a rock, but PNC’s generally accepted accounting principles method…….it appears you can.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-13736093823237334332012-01-14T14:12:54.770-08:002012-01-14T14:12:54.770-08:00PNC Mortage stole my homestead right out from unde...PNC Mortage stole my homestead right out from under me. I was working with PNC Loss Mitigation Department on a loan repayment/modification package when they sold my home at auction on 01/03/2012 . This after I had spoken to a young lady in the Loss Mitigation Department assured me that my home would be safe from foreclosure until a decision was made on my workout pacakge. Their answer to my being denied was " insufficent income " . This coming from someone who has been employed 29 years, and making 45,000 to 50,000 a year. I was denied making my regular monthly payment of 911.88 plus an extra 300.00 a month to catch up on my missed payments. What kind of country is this? That let's this kind of thing go on?Juan Valdeznoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-39513670607792949142011-12-23T20:16:37.903-08:002011-12-23T20:16:37.903-08:00My son had a trust, I said "had" It usu...My son had a trust, I said "had" It usually requires $90,000 to $100,000 to open a trust account. We only found out yesterday that the account was down to $5,000. We should have been notified when it dropped below the $90,000 mark so we could have remove it and put it into some short term account (CD's). They refused and continued to milk it. My son wanted $200 for Christmas and they said no. They will deposit the little bit left but not for 6 to 8 weeks. Nothing for Christmas and to late for Mortgage. Real BASTARDS.jester986https://www.blogger.com/profile/13315168659392560456noreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-35297252549661284902009-06-04T09:52:44.254-07:002009-06-04T09:52:44.254-07:00That's an interesting question. I didn't n...That's an interesting question. I didn't necessarily expect the sort of power that the Federal government would exhibit over the banks using the TARP. <br /><br />One thing is for certain and that is that no one is really all that sure what happened to any of the money. Oversight has been basically nonexistent, and that almost certainly leads to fraud. <br /><br />I believe that the fraud has likely been on a massive scale and it's also likely we'll never know just how bad it is.<br /><br />Where this fraud will manifest itself is in future inflation caused by massive deficits.mike volpehttps://www.blogger.com/profile/02999118519606254362noreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-45250128230612760212009-06-03T23:32:47.288-07:002009-06-03T23:32:47.288-07:00Its seven months later. Are you still of the same...Its seven months later. Are you still of the same mind?Mark W.noreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-44749104975811017742008-11-28T15:57:00.000-08:002008-11-28T15:57:00.000-08:00There will be fraud when your talking about this m...There will be fraud when your talking about this much money. Most people don't realize how much money there is out there. During economic times like this, there is more money to be had than ever. Because of the bailouts and economy, lenders are bending over backwards to bail you out too. Believe it or not, there is people getting tons of cheap money nowdays to start businesses, buy homes, pay off debt, and more. <A HREF="http://moneyloansfinance.blogspot.com/" REL="nofollow">Bailout is for You Too!</A>Anonymousnoreply@blogger.com