Taxpayers Take Yet Another Screwing!

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?

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7 thoughts on “Taxpayers Take Yet Another Screwing!

  1. Good point! However, there’s no doubt some “fine print” somewhere that says you don’t matter, so you don’t have to be asked – you just have to pay up and not mind about it…

    If it’s anything like the UK (and I can’t imagine the format is seriously different) then the taxpayer is helping the banks out so they can continue to help ordinary people and businesses and thus assist in the economy’s recovery…

    Yeah, right! The story now is that they’ve gone from lending anything to anyone just so long as they’d put an ‘X’ on a bit of paper as receipt for the money, to now only lending money to already well-off people who can prove conclusively that they don’t actually need the money in the first place. That’ll help the economy grow, won’t it?

    This of course allows the banks and finance houses to spend OUR money on whatever they fucking well please! How is that different from before?

    The real bad thing in all this, as is demonstrated by what I just said, is that they have learned NOTHING, NADA, ZILCH, ZERO! THEY think they were just “unlucky” and that they DESERVE to be bailed out by the public and that we should perhaps even be grateful!? Yeah! And, as I’ve mentioned before, I’m the goddam tooth fairy! 😈

    1. Did you ever read the orginal TARP funds request?

      1 page).
      In the event the applicant files an application with the appropriate Federal banking agency
      prior to the availability of the investment agreement, the applicant must file an amended
      application which includes updated responses to any items in the application that required prior
      review of the investment agreement.
      Institution Name:

      Address of Institution:

      Primary Contact Name:
      Primary Contact Phone Number:
      Primary Contact Fax Number:
      Primary Contact Email Address:
      Secondary Contact Name:

      Secondary Contact Phone Number:

      Secondary Contact Fax Number:
      Secondary Contact Email Address:

      Page 2

      RSSD, Holding Company Docket
      Number and / or FDIC Certificate
      Number, As Relevant:
      Amount of Preferred Shares
      Requested:
      Amount Of Institution’s Authorized
      But Unissued Preferred Stock
      Available For Purchase:
      Amount Of Institution’s Authorized
      But Unissued Common Stock:
      Amount Of Total Risk-Weighted
      Assets As Reported On The
      Holding Company’s Or Applicable
      Institution’s Most Recent FR-Y9,
      Call Report, Or TFR, As Relevant:
      Institution Has Reviewed The
      Investment Agreements And
      Related Documentation On
      Treasury’s Website (Yes/No):

      Describe Any Condition, Including
      A Representation Or Warranty,
      Contained In The Investment
      Agreements And Related
      Documentation, The Institution
      Believes it Cannot ComplyWith By
      November 14, 2008 And Provide A
      Timeline For Reaching
      Compliance1:
      Type of Company2:
      Signature of Chief Executive
      Officer (or Authorized Designee):
      Date of Signature:

      There you have the total form for application for TARP funds….cool huh?

      1. That is just what I asked……the last time I got a car the application was 15 pages long and these assholes have 2 pages for billions….there is something wrong with that system….

      2. Quin….one of my readers from blog called, Systematic Change In Business and Government, has written about the EU…I thought you might like to give him your opinion on the organization…..

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