CIT TARP Wipeout is Official (Taxpayers lose $2.33 Billion)

The Street ^ | 2/11/10

[FromLori]

The U.S. Treasury has officially lost its entire $2.33 billion TARP investment in CIT Group(CIT Quote), according to a company filing with the Securities and Exchange Commission after Monday's closing bell.

CIT Group is the largest loss on record under the TARP, though AIG (AIG Quote) General Motors, GMAC, Fannie Mae(FNM Quote), Freddie Mac(FRE Quote), Chrysler and Citigroup each owe the Treasury at least $10 billion each, according to ProPublica

[FromLori]

ping

[Paleo Conservative]

All that money, and TARP didn’t even get naming rights to the BCS National Championship Game.

[HiTech RedNeck]

Oh, CIT.

[PGalt]

Impeach Barack Obama

[Lorianne]

That can’t be right. Obama and others are saying we’re going to make PROFIT on our ‘investment’ in the TARP bailouts.

[Lmo56]

WTF ???

CIT is the world’s leading issuer of commercial paper - only it hasn’t been issuing a lot lately ...

Small Mom & Pop businesses rely on these loans for short-term cashflow in order to re-stock supply, make payroll, etc. ...

So, if CIT has cut down on its lending, where did the $2.2B go ...

[JasonC]

We are. CIT was a small one. We've made more just in the dividends from the biggest banks than was lost on this one.

[JasonC]

CIT went bankrupt last year. Where have you been?

[campaignPete R-CT]

CIT always confuses me with C (Citigroup) ... CIT is trading again on the exchange ... i always wonder what CIT stands for.

[SaraJohnson]

Billions... that is small change! We are talkin’ Trillions now.

[FromLori]

Probably in a foreign bank account for the crooks that investment they made in obama is really paying off.

[Iron Munro]

It isn’t really lost - is safely tucked away in the pockets and bank accounts of the scammers.

[Fresh Wind]

Impeach Barack Obama or whatever his name really is

(Fixed it)

[CharlesWayneCT]

CIT=”Commercial Investment Trust.”, the old name of the company before they went to the initials.

[JasonC]

It went through bankruptcy in 38 days, under an agreement with their creditors. The old common was wiped out, and debt holders wrote off $10 billion in debt. The senior debt is still there - lots of it - and got the equity in the new company. John Thain, former CEO of Merrill, has agreed to be their new CEO.