America

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

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. 1

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. 1

	They Bought Some Banks Off Their 'Pals' It has also been hurt by its acquisitions in 2006 and early 2007 of two Florida banks.

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?