One Philadelphian feels no sympathy for Charlotte
Got a letter from a Philadelphian who heard my Tuesday interview on NPR's Here and Now about Charlotte in the post-Wachovia era. He feels no sympathy for Charlotte. Something about how First Union did it to them, and what goes around, comes around. Full text of letter after the jump.
I am a native of Philadelphia and felt little sympathy for Charlotte during the interview your Editor had with Here and Now on NPR on October 14. First Union Bank underhandedly purchased a Philadelphia Institution, CoreStates Bank, about ten years ago. This notorious transaction grossly benefited and compensated one man in particular, Terry Larson, then CEO of CoresStates. First Union had no interest in insisting that the deal be structured fairly therefore the ripple down effect of this transaction hurt thousands of CoreStates employees and indirectly tens of thousands of Philadelphians. Perhaps Charlotte can now feel a little of the pain that we in Philadelphia experienced when your predatory benefactor, Frist Union (now Wachovia) knocked our non-profit sector (which previously benefited from CoreStates largess) as well as the public and private sectors for a considerable loop. The fall-out for Charlotte won't be pretty, but I have a very hard time feeling sorry for your city.