CIT files for bankruptcy

[MotF Bane]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aH2k3ma.MNbI&pos=6

The government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT and shareholders will be wiped out, according to CIT’s plan.

Yep, the bailout worked so well.

 

[Patranus]

I guess the moral of the story is to unionize and then give Obama campaign contributions.

 

[Deeko]

Good, as a part of their bankruptcy, lets nullify Deeko's student loans. Come ooooon, you know you want to!

 

[blackangst1]

If only they had put exec's salaries at no more than $250,000 with no signing bonus or bonus of any kind they would be golden now.

 

[b0mbrman]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aH2k3ma.MNbI&pos=6



Yep, the bailout worked so well.

Would more or less banks have filed for bankruptcy without TARP?

 

[Ausm]

Good, as a part of their bankruptcy, lets nullify Deeko's student loans. Come ooooon, you know you want to!

nah you will probably get the interest rate jacked up even if it's illegal then CIT will get another bailout

 

[Ausm]

Would more or less banks have filed for bankruptcy without TARP?

The TARP money saved a shitload of banks now lets see if Congress has the balls to change the legislation so these assholes don't do this again. I doubt it though...

 

[ayabe]

The best part about this deal- Goldman made $1,000,000,000 off of it while the US taxpayer will lose $2,300,000,000.

No, really: http://www.huffingtonpost.com/2009/11/01/cit-bankruptcy-filed-us-w_n_341567.html

 

[Modelworks]

The TARP money saved a shitload of banks now lets see if Congress has the balls to change the legislation so these assholes don't do this again. I doubt it though...

Congress will spend all the time discussing whose party was at fault and pointing fingers till everyone forgets about it and then it is business as usual.