Song of the Days: It's the hard knock life

Submitted by Norm Roulet on Mon, 10/27/2008 - 02:37.

There is a highly depressing quote by National City Corporation CEO Peter Raskind, at the end of a Cleveland Plain Dealer "editors" interview clearing him of being more than a poor, SUPER RICH executive, where Raskind says "It's a remarkable period and it would be intellectually interesting if we didn't happen to be living in the middle of it." I don't recall ever seeing more moronic words in my life.

I don't find a time when poor people around the world and in Northeast Ohio starve and suffer, while highly incompetent, over-compensated "career" bankers and advisers have made millions for themselves, remotely "intellectually interesting".

Perhaps the suffering of the poor is interesting to the rich? Perhaps that is how the rich intellectualize being rich, while most people in the world suffer greatly.

To others, the term is horrific...

I'm not intellectually interested by the leadership of NCC squandering the faith and funds of millions, in their pursuit of wealth through excessive usury, and I can't overlook the failure of the Board of Directors of National City Bank, which I have not seen mentioned connected to this disgrace, except through Insider Trader records and Raskind's quote: "Our jobs are to try to make the best choices we can together with the
board based on what we see. . . . So, I feel awful about it.
"

Who are the Board members, what was their compensation for tanking NCC, and how are they planning to spend their unworthy profits from tanking NCC? Reuters has data here...

They are, from the NCC website:

JON E. BARFIELD, Chairman and President of The Bartech Group, Inc., a
provider of engineering and information technology staffing services, business
process consulting and outsourced vendor management services, since 1995.
Director of BMC Software, Inc. and CMS Energy Corporation. Director of National
City since 1998.

JAMES S. BROADHURST, Chairman and Chief Executive Officer of Eat’n Park
Hospitality Group, Inc., a chain of family restaurants and a provider of contract
dining services, since 1984. Director of National City since 1996.

CHRISTOPHER M. CONNOR, Chairman and Chief Executive Officer of The
Sherwin-Williams Company, a global producer in the paint and coatings industry,
since April 2000. Director of Eaton Corporation. Director of National City since
2002.

BERNADINE P. HEALY, M.D., Medical Columnist and Health Editor,
U.S. News & World Report, since September 2002. Director of Ashland Inc.,
Invacare Corporation and The Progressive Corporation. Director of National City
since 2003 and previously a director of National City from 1995 to 2001 and 1989 to
1990.

JEFFREY D. KELLY., Chief Financial Officer of National City since 2000 and
Vice Chairman since December of 2004 and previously Executive Vice President
from 1994 to December 2004. Director of The Progressive Corporation. Director of
National City since 2007.

ALLEN H. KORANDA, Chairman and Chief Executive Officer of MAF Bancorp,
Inc. from 1989 until its acquisition by National City in September 2007, and
Chairman and Chief Executive Officer of Mid America Bank, MAF Bancorp, Inc.’s
banking subsidiary, from 1984 until 2007. Director of National City since 2007.

MICHAEL B. McCALLISTER, President and Chief Executive Officer of Humana
Inc., a provider of coordinated health insurance coverage and related services for
employer groups, government-sponsored programs and individuals, since February
2000. Director of Humana Inc. Director of National City since 2006.

PAUL A. ORMOND, Chairman, President and Chief Executive Officer of HCR
ManorCare, Inc. (formerly Manor Care, Inc.), a provider of long-term care, skilled
nursing and rehabilitative services, since 1991. Director of National City since 1999.

PETER E. RASKIND, Chairman, President and Chief Executive Officer of
National City. Mr. Raskind has been Chairman since December 2007, Chief
Executive Officer since July of 2007 and President since December 2006 and was
previously Vice Chairman from December 2004 to December 2006 and Executive
Vice President from 2000 to December 2004. Director of National City since 2006.
GERALD L. SHAHEEN, Group President of Caterpillar Inc., a manufacturer of
construction and mining equipment, diesel and natural gas engines and industrial gas
turbines, from 1998 until his retirement in February of 2008. Director of AGCO
Corporation and Ford Motor Company. Director of National City since 2001.

Richard E. Thornburgh, Vice Chairman of Corsair Capital LLC, a private equity
investment company with more than $1 billion invested in financial services
companies worldwide, including banks, insurers, asset managers, and specialty
lenders. He is currently a member of the Board of Directors Credit Suisse Group.
Director of National City Corporation since May 2008.

JERRY SUE THORNTON, Ph.D., President of Cuyahoga Community College, a
provider of post-secondary education, since 1992. Director of RPM International
Inc., Applied Industrial Technologies, Inc. and American Greetings Corporation.
Director of National City since 2001.
MORRY WEISS, Chairman of American Greetings Corporation, a greeting card
manufacturer, since 1992. Chief Executive Officer of American Greetings
Corporation from 1987 to June 2003. Director of National City since 1993.

 

In their honor, I dedicate:
It's the hard-knock life
!... true for most people in the world, but certainly not for any NCC Executives and Board of Director members...


It's the hard-knock life
!

[ORPHANS]
It's the hard-knock life for us!
It's the hard-knock life for us!

[ANNIE]
'Steada treated,

[ORPHANS]
We get tricked!

[ANNIE]
'Steada kisses,

[ORPHANS]
We get kicked!

[ALL]
It's the hard-knock life!
Got no folks to speak of, so,
It's the hard-knock row we how!

[ANNIE]
Cotton blankets,

[ORPHANS]
'Steada of wool!

[ANNIE]
Empty Bellies

[ORPHANS]
'Steada of full!

[ALL]
It's the hard-knock life!

[ANNIE]
Don't if feel like the wind is always howl'n?

[KATE AND TESSIE]
Don't it seem like there's never any light!

[DUFFY AND JULY]
Once a day, don't you wanna throw the towel in?

[MOLLY AND PEPPER]
It's easier than puttin' up a fight.

[ANNIE]
No one's there when your dreams at night get creepy!
No one cares if you grow...of if you shrink!
No one dries when your eyes get wet an' weepy!

[ALL]
From all the cryin' you would think this place's a sink!
Ohhhh!!!!!!!
Empty belly life!
Rotten smelly life!
Full of sorrow life!
No tomorrow life!

[MOLLY]
Santa Claus we never see

[ANNIE]
Santa Claus, what's that?
Who's he?

[ALL]
No one cares for you a smidge
When you're in an orphanage!

[MOLLY]
(Making a whistling sound and imitating Miss. Hannigan)
You'll stay up till this dump shines
like the top of the Chrysler Building.

[ORPHANS]
Yank the whiskers from her chin
Jab her with a safety Pin
Make her drink a mickey finn
I love you, Miss Hannigan

[MOLLY]
(whistle) Get to work!
(whistle) Strip them beds!
(whistle) I said get to work!

[ALL]
It's the hard-knock life for us
It's the hard-knock life for us
No one cares for you a smidge
When your in an orphanage
It's the hard-knock life
It's the hard-knock life
It's the hard-knock life!

( categories: )

LaTourette wants investigation of National City deal

Nice to see Congressman LaTourette is questioning the sell-out of National City, at the Federal level. I expect many investigations into what has happened to NCC over the past decade... who was watching the shop, who profited, and who failed.

Who is investigating the insider side of the National City deal, here in NEO? It certainly smells rotton. If the Federal Government provided the funds to make this sell-out work, then shouldn't all the records related to the transaction be public record.

I'd like to see the minutes from all the NCC board meetings, the emails between all relevant parties, and much more.

We certainly have debtors prisons in America... how about a bankers prison?

Crime? At least usury.

Disrupt IT

"Editors" report of "federally forced sale" of National City

The PD Editors are in full spin control mode for the Board of National City, now, declaring the sale of the bank to Pittsburgh's PNC Bank a "federally forced sale". The "editorial" goes on to point out "National City's value took a deserved shellacking for its mortgage-lending mistakes and greed".

"ITS" is a key word in the editorial, as real live executives and directors of NCC did this to National City Bank and Cleveland... not the Federal Government.

If the PD is now putting the blame on the Federal Government by saying "IT"forced the sale of NCC to PNC, I'd like to see the evidence. There must be federal orders to the members of the Board of NCC, and to the executives, saying they must approve selling the bank to PNC or face what... arrest?... prison?... execution?!?!

As I said above, "I'd like to see the minutes from all the NCC board meetings, the emails between all relevant parties, and much more" before I accept the conclusion the Federal Government forced this sale. I suspect it was an insider deal brokered privately, over good wine and cheer, between leaders of NCC and PNC, under the guidance of the industrial and foundation establishment in Northeast Ohio, to protect local business leaders responsible for this demise, and certainly large customers and shareholders of NCC.

This story is far from over, and these "editors" conclusion seems very premature.

Disrupt IT

"access to that Treasury Department capital was questionable"

Here is the story in Fortune, so far. Lawsuit are flying... this will get interesting.

To me, "questionable" is not reason to sell one of the world's largest banks...  

Lawsuits are in order

 

Disrupt IT