Posted on 07/16/2009 6:59:10 AM PDT by rabscuttle385
The survival of one of the nation’s largest commercial lenders, the CIT Group, was thrown into doubt late Wednesday after federal officials rebuffed pleas to rescue the struggling company a second time.
Unless a buyer emerges for CIT — a prospect that seems unlikely — the century-old lender could founder, even after it received a $2.33 billion taxpayer-financed bailout in December.
The plight of CIT, which provides loans to about a million small and midsize companies, particularly in the sagging retail sector, poses a crucial test of the Obama administration’s attempts to stabilize the nation’s financial industry.
(Excerpt) Read more at nytimes.com ...
There’s $2.33 billion down the drain.
Scare tactics.
Timmy G. has just stated for the public record that the economy is turning around and improvements will seen seen by all in the rest of this year.
So, one of the above statements is wrong and the Government can't be wrong...
[There’s $2.33 billion down the drain.]
No problemo. Just add it to the trillion dollar hairball growing there.
Turbo Tax Timmy G. also attested that his tax returns were accurate.
He also stated that the economy was suppose to turn around in Summer.. Sorry I don’t believe him.
I wonder how much wound up as Goldman Sachs profits?
Democrats insisted we give home loans to minorities with verifiable records of being unable to manage their money. Banks, under Federal threat created gazillions of debt from deadbeats based upon the color of their skin, not their credit history or their actual income.
Democrats opposed drilling and refineries in the USA. We are completely at the mercy of (hostile) foreign nations for our energy.
Energy prices went up, and all we could do is pay $5 at the pump - Democrats still opposed opening up energy exploration offshore, mining coal and nuke.
People, faced with the decision to eat, buy gas or pay their house payment, were forced to spend their LIMITED resources on food, gas and electricity.
Home loans defaulted, and here we are.
So, aside from frivolous spending of over $1 Trillion; what has been ‘fixed’ to prevent this from happening again tomorrow?
CIT Common trading today:
High: 1.66
Low: 0.02
Last: 0.356
bttt
There is a sentence near the end of George Orwell's 1984 that sums up the insidious nature of socialism very neatly
"if you want to know the future of mankind then imagine a boot stamping on your face again and again, forever."
Learn to Love big Brother - diversity is strength
Obama won’t bail out City bank, he will nationalize them outright. That’s what he’s setting up.
Note that by having his officials state that they won’t bail out city, that essentially has doomed the company. That sucking sound you hear is all the depositors withdrawing funds. They are doomed within 48 hours after a statement like that is released.
Didn’t CTY pass the “stress tests” just a couple of months ago?
Oh wait, those were the “stress tests” that assumed a maximum unemployment rate of 8.9% and just 2 months later we’re at 9.5 and still climbing precipitously.
These “stress tests” were akin to having a heart patient take a stress test while lying perfectly still in bed with soothing music playing in the background.
This is not Citicorp or Citibank (C), but rather CIT Group (CIT).
Completely unrelated entity.
They have Skadden Arps working on the BK filing even as we speak.
CIT is CIT group, not affiliated with Citibank.
C is Citigroup. Citibank is the consumer banking arm of Citigroup.
CTY is neither.
Thanks for the clarification:
“CIT is CIT group, not affiliated with Citibank.
C is Citigroup. Citibank is the consumer banking arm of Citigroup. CTY is neither.”
.......Democrats insisted we give home loans to minorities .....
There were lots of loans to single women who were convinced that having it all included buying a house for which they couldn’t pay the electric bill and keep the mortgage current.
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