Skip to comments.
CIT Files for Bankruptcy (received 2.3 billion in bailout money)
NYT ^
Posted on 11/01/2009 1:59:46 PM PST by Chet 99
click here to read article
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 101-117 next last
To: Chet 99
The filing, made in a Manhattan federal court, will still mean much pain for many parties, beginning with taxpayers. CIT received $2.3 billion in government aid last year, a bailout that came in the form of preferred stock. That will almost certainly be wiped out in the bankruptcy process, the first realized loss in the governments rescue of the financial system. Obama is thumbs up and giddy in the Oval Office.
41
posted on
11/01/2009 3:13:20 PM PST
by
EGPWS
(Trust in God, question everyone else)
To: Chet 99
What a waste. They coulda bailed me out for 1/1000th of that, but I guess it wouldn’t help if the dollar is soon worthless anyway...
42
posted on
11/01/2009 3:14:12 PM PST
by
GnuHere
To: Ghost of Philip Marlowe
I only say that because, I’m no longer sure of anyone anywhere, including here.
43
posted on
11/01/2009 3:14:26 PM PST
by
John W
To: Chet 99
Anyone see Giethner this morning on Meet the Press? When asked if he would like to see AIG prosper after they pay back the TARP money, he said he didn’t care if they do or not. I thought we bailed them out because they were too big to fail.
44
posted on
11/01/2009 3:14:29 PM PST
by
optiguy
(Government does not solve problems; it subsidizes them.----- Ronald Reagan)
To: PAR35
Almost everyone else will come out whole.
No they won't. Common stockholders will be wiped out, the gov't and private preferred stock holders will be wiped out, debt holders will take a $10 billion loss on nearly $65 billion of debt.
45
posted on
11/01/2009 3:16:14 PM PST
by
javachip
(TARP - proof there is no situation so bad that government can't make it worse.)
To: Parley Baer
I was just thinking that.
46
posted on
11/01/2009 3:18:59 PM PST
by
hsmomx3
(HERE WE GO STEELERS, HERE WE GO..........)
To: rbmillerjr
"raising CC rates to 27 percent."
Oh, you are one of those people that knows what gouging is. Couly you please tell us?
In the Middle ages, most loans were very short-term and carried the interest of 100-120% (in Germany, for instance). Was that gouging or usury?
47
posted on
11/01/2009 3:20:17 PM PST
by
TopQuark
To: Ghost of Philip Marlowe
Yeah, but just think how much worse it would have been if they had not received any bailout money. They may have gone bankrupt or something.
This is much better than expected.
You bet!
Look at the bright side, think of all the government employed printing press operators jobs that were saved or created.
And they already have a premium health care plan to boot!
48
posted on
11/01/2009 3:21:07 PM PST
by
EGPWS
(Trust in God, question everyone else)
To: Parley Baer
The DOW futures are already heading south as of 6:00 pm ET.
To: Chet 99
Lending to this entity at that time represents malfeasance, at best. Using taxpayer funds seems criminal to me.
Someone needs to stop tarp or stimulus funds from going to entities that more than likely will file BK within a few months.
We are so screwed.
50
posted on
11/01/2009 3:23:50 PM PST
by
unique
To: rbmillerjr
Im sure theyre parachutes are packed, but I hope they feel alot of pain, after raising CC rates to 27 percent. Immoral userers.
Idiotic holders of such credit cards toting those rates who expect taxpayers and "the rich" to take care of them because of their complacent idiocy.
51
posted on
11/01/2009 3:24:48 PM PST
by
EGPWS
(Trust in God, question everyone else)
To: Chet 99
Good grief, how stimulating.
What I want to know are who are the inside players at CIT and their ties to the Obama regime. I suggest there will be a handful of big donors and close friends of Bernake and Gietner.
52
posted on
11/01/2009 3:25:38 PM PST
by
CincyRichieRich
(Keep your head up and keep moving forward!)
To: editor-surveyor
“”Watch for a huge spike in small business bankruptcy.”
The Marxist Make-over of America is on schedule! “
CIT was a major financier of small and medium sized businesses.
53
posted on
11/01/2009 3:27:44 PM PST
by
stephenjohnbanker
(Pray for, and support our troops(heroes) !! And vote out the RINO's!!)
To: TopQuark
American Express, don't leave home without it.
Payable on demand within 30 days via no interest card contract.
54
posted on
11/01/2009 3:27:52 PM PST
by
EGPWS
(Trust in God, question everyone else)
To: Chet 99
And I can remember conservative radio talk show hosts defending TARP stating the taxpayers would get their money back. No I won't name names (unless I could find the transcript, but he is on TRN).
55
posted on
11/01/2009 3:28:50 PM PST
by
Cheerio
(Barack Hussein 0bama=The Complete Destruction of American Capitalism)
To: stephenjohnbanker
The Marxist Make-over of America is on schedule! The lack of Fascist concern by most when it comes to our present government agenda is puzzling to me.
56
posted on
11/01/2009 3:32:12 PM PST
by
EGPWS
(Trust in God, question everyone else)
To: Nachum
57
posted on
11/01/2009 3:35:21 PM PST
by
jimday
To: EGPWS
America has been severely dumbed down by public education over the last 35 years. U.S. History is an “elective”. Civics and basic government corses have been replaced by “Problems of Contemporary Society”
58
posted on
11/01/2009 3:36:37 PM PST
by
stephenjohnbanker
(Pray for, and support our troops(heroes) !! And vote out the RINO's!!)
To: CincyRichieRich
What I want to know are who are the inside players at CIT and their ties to the Obama regime.
If they had good inside ties to the administration, they probably would have gotten another shot of TARP money. CIT's $2.3 billion was issued on Bush's watch.
GMAC, on the other hand, must have very good ties to the administration. They've received $12.5 billion in TARP and are on track to get another slug. Nice to see Geithner and Obama being consistent /sarc.
59
posted on
11/01/2009 3:36:38 PM PST
by
javachip
(TARP - proof there is no situation so bad that government can't make it worse.)
To: EGPWS
Thank you for reciting a commercial. It would be more helpful if your tried to say something relevant to my post.
60
posted on
11/01/2009 3:38:43 PM PST
by
TopQuark
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 101-117 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson