January 20, 2009/Newswire PNC Financial Services Group Inc. (PNC), which bought National City Corp. of Cleveland, closed down 41% to $22.In related news, analysts are unsure whether banks who took TARP money should be considered nationalized. In other words, the worry is that PNC shareholders may find that their shares may be diluted by the government’s investment.The rules are being made as the game is being played.Banks are supposed to be conservative! PNC: Why take the bailout money before you understand the game? Update: Pittsburgh Tribune-Review columnist  bolsters my case. Update #2: Use of corporate jet to super bowl gets panned. Update #3: uh-oh! Update #4: after you’ve read #3, do you foresee a “sustainable rally” anytime soon?

You just got a government bailout: $7 billion.

You just bought one of your largest competitors: $5.6 billion.

Your credit rating just got downgraded:  priceless!

Not in any order . . .

1. Realogy’s financial issues.
2. LandAmerica (parent to Commonwealth Land Title and Lawyers Title Insurance Co) declares bankruptcy.
3. Collapse of Fannie and Freddie. More here.
4. IndyMac fails.
5. Countrywide collapses and Bank of America buys it.
6. Foreclosure mitigation fails.
7. Wachovia collapses and is sold to Wells Fargo.
8. $7 billion bailout mess.
9. ERA Pacesetter (Nashville) closes.
10. Howard Hanna buys another Cleveland firm.
11. (Bonus Item) Morgage rates hit historic lows.

Am I missing anything?