Management Destroys Another American Institution - National City Bank

Today, National City effectively fails with its takeover by PNC - likely facilitated by the FDIC and the Federal Reserve. In a few short years management has again 'managed' to destroy one of the largest banks in the U.S. and a one hundred and seventy year old institution. National City survived the Civil War, two world wars, a depression, bank runs and every sort of economic environment imaginable. But it could not survive complete management incompetence. And, for that the CEO will talk away with millions.