The bankruptcy of CIT means a $2.3 billion wipeout for Treasury. More losses are likely as other TARP recipients have missed dividend payments. According to a report issued last month by SNL Financial, there were 32 other TARP... [read full story]
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On Sunday, CIT filed for bankruptcy, meaning that $2.3 billion in taxpayer money is probably lost. That means that each American threw about $8 down the CIT rat hole. Unfortunately, that could just be the start of losing big...
Thank you, Obama and co: Treasury Secretary Tim Geithner is directly to blame for taxpayers’ loss of $2.3 billion in the CIT bailout, says professor William Black of the University of Missouri-Kansas City School of Law and a...
Another one of the nation's largest lenders has filed for bankruptcy. On the brink for months, CIT filed for Chapter 11 protection on Sunday. The prepackaged plan allows CIT to restructure its debt while trying to keep badly...
by Paul Kiel, ProPublica CIT filed for bankruptcy protection on Sunday, and part of its plan to heal itself is wiping out the taxpayers’ $2.33 billion stake in the company. CIT, which specializes in lending to small and midsize...
The recession claimed another major financial institution, as lending giant CIT filed for bankruptcy after months of struggling to keep the company, which funds about 1 million small- to medium-sized businesses, afloat.
Sunday, CIT Group, with $71 billion in assets one of the largest small business lenders in the country and the recipient last December of $2.3 billion in taxpayer money filed for bankruptcy. It was the fifth largest bankruptcy...
"Our only hope today lies in our ability to recapture the revolutionary spirit and go into a sometimes hostile world declaring eternal hostility to poverty, racism, and militarism." - George Washington "If the American people...
CIT filed for bankruptcy protection [1] on Sunday, and part of its plan to heal itself is wiping out the taxpayers’ $2.33 billion stake [2] in the company. CIT, which specializes in lending to small and midsize businesses, got...
CIT, a major lender to small U.S. businesses, filed on Sunday for one of the largest Chapter 11 bankruptcy protections in history. Winners: CIT's creditors | In July, CIT's bondholders, led by a handful of hedge funds, extended...
Video at site We had professor William Black on TechTicker this morning. A former regulator who handled the S&L resolution, Prof. Black remains appalled at how this latest round of bailouts has been handled. Case in point? CIT...
Investing & Markets, Economy, General Management Issues, Senior Management, Corporate Bankruptcies, Taxation, Commercial Banking, Financial Markets, Banking, Loans & Financing, Corporate Performance, Stock Markets, Finance, Banking & Insurance, Investing, Dividends, Earnings Surprises, CEO, Stock Capital Issues, Corporate Earnings, Fannie Mae, Commerce Bank, SNL Financial, CIT Group, United Commercial Bank, Federal Deposit Insurance Corp., Citigroup, General Motors
