Left Shim Graphic
E-Newsletter Signup
E-Newsletter Signup Submit Button
Blue Line Separators
24 Hour Online Office
Blue Line Separators
Email Steve Button
Contact Information

Washington DC Office
2371 Rayburn House Office Building
Washington, D.C. 20515
(202) 225-5731 phone
(202) 225-3307 fax

Painesville District Office
1 Victoria Place, Room 320
Painesville, Ohio 44077
(440) 352-3939 phone
(800) 447-0529 toll-free
(440) 352-3622 fax

Twinsburg District Office
Twinsburg Government Center
10075 Ravenna Road
Twinsburg, Ohio 44087
(330) 425-9291 phone
(330) 425-7071 fax

Content Spacer Graphic
White Spacer Graphic Welcome Message Top Story
Welcome Spacer
  Welcome Left Spacer


Welcome to Ohio's 14th Congressional District site.  I'm proud to have served as your Congressman since 1995, and I hope my website will give you greater access to what's happening in your Congress, what issues I'm working on, and how my congressional staff and my virtual 24-hour office can assist you. 

As always, I want to hear what's on your mind and I value your opinion.  You may contact me by phone, e-mail or fax.  I hope to hear from you soon, and please feel free to stop by the website often.

Steve LaTourette Signature
Welcome Right Spacer

November 20, 2008

14 National City execs could share about $80 million in perks

U.S. Rep. Steven C. LaTourette (R-OH) says 14 National City Bank executives could share nearly $50 million in severance pay, $10 million in deferred compensation, golden parachutes that won’t reflect a tax hit, and numerous other perks, according to documents filed today by PNC at the Securities and Exchange Commission (SEC).

 The perks apply to 14 National City executives, but only three are named in the filing:  Peter E. Raskind, Chairman and CEO; Daniel J. Frate, Vice Chairman and Executive VP of Retail Banking; and Jon L. Gorney, Executive VP of Corporate Operations and Information Services.  National City’s web site identifies just 10 members on its Executive Leadership Team, excluding Raskind.

 “When you have 29,000 National City Bank employees in nine states worried about their jobs and retirement, how do 14 people get these perks when billions of taxpayer dollars are making this merger possible?  What about the other 28,986 employees and the shareholders?”  LaTourette said.

 LaTourette said today’s filing came after PNC internally announced that National City and PNC employees will soon learn about job cuts.

 Today’s filing outlines perks that could be shared by 14, mostly unnamed National City Bank executives, providing the merger is completed by year’s end:

• $49.49 million in severance agreements, plus any executive subject to the ‘golden parachute’ excise tax will generally “be paid an additional payment such that he will be placed in the same after tax position as if no excise tax had been imposed.”
• $9.4 million in deferred compensation

• Nearly $6 million in Management Incentive Plan (MIP) awards

• $9.3 million in Long Term Cash and Equity Incentive Plan (LTIP) awards

Top Story More Button
  Welcome Bottom Box Graphic  

News Headlines Spacer News Headlines Special Features

November 18, 2008
LaTourette submits National City Statement to House Panel

November 18, 2008
LaTourette asks Paulson to reconsider National City bailout snub

November 13, 2008
Information on Inauguration Tickets

More News Headlines Button
Special Features Spacer Graphic
Special Features Left Graphic Special Features Right Graphic
Special Features Bottom Graphic
Right Graphic
Footer Top Graphic
Left Footer Spacer Right Background
Footer Bottom Graphic