The bailout thing has been nothing but a good gang rape of the taxpayer from the beginning…..the bags of money delivered to Wall Street by the government has done nothing for the taxpayer and everything for the greedy people on Easy Street…..
The Business journal is reporting:
CIT Group Inc. filed for bankruptcy protection Sunday after its board of directors approved of a plan to reorganize the giant small business lender.
The plan has also been approved by CIT’s creditors.
The bankruptcy of CIT is likely to hand the Treasury Department its biggest loss to date under the Troubled Asset Relief Program. It invested $2.3 billion in CIT last December.
CIT was caught in a squeeze between loans gone bad as the economy worsened in the past year and being cut off from the unsecured debt market, which it relied on for about 75 percent of its funding. More stable bank deposits made up less than 5 percent of its funds.
Wait! Did the article say that the creditors approved the action? Since the taxpayer is on the hook for billions……did anyone ask them if they approved? I did not get a note asking me….how about you?
When are the people going to start exercising their muscle on all this silliness?