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| For Immediate Release | |
| Oct 18, 1999 | Contact: Press Office 202-646-5172 |
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Demand Letter Sent by Judicial Watch to PNC Bank Corp. and PNC Mortgage Corp. — Banks Shareholders Seek to Stop Illicit Mortgage Loan Lawsuit Will Be Filed if Demand Letter's Terms Are Not Met By Close of Business Tomorrow (Washington, D.C.) Judicial Watch, a not-for-profit law firm that exposes and prosecutes government corruption, today sent a demand letter today to PNC Bank Corp. and PNC Mortgage Corp. asking that it rescind its recently-announced mortgage to Bill and Hillary Clinton for $1.7 million mansion in New York. Judicial Watch is representing the shareholders of PNC Banking Corp., which owns PNC Mortgage Corp. The demand letter alleges that the proposed mortgage loan, if made under the reported favorable and discriminatory conditions for the Clintons, would constitute both an illegal gratuity to Bill Clinton and an illegal campaign contribution to Hillary Clinton. As such an illegal transaction would subject the company to potential criminal and civil liabilities, as well as damage to the company's reputation, among other severe damage, PNC Banking Corp.'s and PNC Mortgage Corp.'s directors are asked to immediately rescind the loan in question. Judicial Watch is prepared to file suit on behalf of the corporations, through PNC Bank's shareholders, if the terms of today's demand letter are not met, by close of business tomorrow, October 19. As reported last week in The Washington Post, PNC Bank's own Internet site indicates that the Clintons' would not qualify for such a loan. This does not even take into account the $5 million in legal debt they purport to have, and their potential liability for Filegate, Chinagate, and other civil litigation. "Bill and Hillary Clinton had to drop their previous loan scheme with Terence McAuliffe and Deutsche Bank/Bankers Trust because of similar legal action brought by Judicial Watch. This latest mortgage loan deal is also improper on its face; thus the demand that the mortgage deal be rescinded," stated Judicial Watch Chairman and General Counsel Larry Klayman. A copy of the demand letter will be available on the Judicial Watch web site at www.judicialwatch.org. |
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