Another Failed Bailed-out Corporation, and More to Come

[Si modo]

Taxpayers on hook as some bailed-out firms prove frail
With CIT in bankruptcy, U.S. is faulted for investing in weakened companies

By Tomoeh Murakami Tse
Washington Post Staff Writer
Monday, November 16, 2009

NEW YORK -- A year ago, the financial system was tottering and government officials arranged a $2.3 billion emergency cash infusion into CIT Group, a troubled lender to small businesses.

Today, CIT is in bankruptcy court, and the taxpayers' investment is on the brink of being wiped out. It would be the largest loss so far from the government's massive rescue of the financial system, but it isn't likely to be the last.

....

Analysts expect more bailed-out firms to fail in the months ahead. ....

CIT's bankruptcy raises new questions about bailout

What a colossal waste of money.

 

[The Rabbi]

The TARP ceased being effective when it was extended to non bank financial institutions. Then it became simply a trough for the pigs to feed at and a way for the gov't to control them.
Laughably, the obama administration now is talking about using the rest of the money to pay down the deficit. Where the eff do they think the money was coming from in the first place??

 

[dilloduck]

Taxpayers on hook as some bailed-out firms prove frail
With CIT in bankruptcy, U.S. is faulted for investing in weakened companies

By Tomoeh Murakami Tse
Washington Post Staff Writer
Monday, November 16, 2009

NEW YORK -- A year ago, the financial system was tottering and government officials arranged a $2.3 billion emergency cash infusion into CIT Group, a troubled lender to small businesses.

Today, CIT is in bankruptcy court, and the taxpayers' investment is on the brink of being wiped out. It would be the largest loss so far from the government's massive rescue of the financial system, but it isn't likely to be the last.

....

Analysts expect more bailed-out firms to fail in the months ahead. ....

CIT's bankruptcy raises new questions about bailout

What a colossal waste of money.

The fed giveth and the fed taketh away.

 

[uscitizen]

Yep TARP was Wrong. Obama should not have started it up. Ohh wait....

 

[Neubarth]

Yep TARP was Wrong. Obama should not have started it up. Ohh wait....

This is the most ethically corrupt administration in American history. It has to be removed.

 

[The Rabbi]

Yep TARP was Wrong. Obama should not have started it up. Ohh wait....

I thought Obama was there to end the failed policies of Pres George W Bush. Oh well....

 

[Tony_S]

Barack Obama = George Bush's third term.

 

[eagleseven]

Barack Obama = George Bush's third term.

Indeed, sans the cowboy aesthetics.

 

[KentuckyThinker]

Barack Obama = George Bush's third term.

I look at it as more like Bush 41's 6th term.

 

[Neubarth]

All I know about failed bailed out institutions is that GM just lost another Billion Plus dollars and has the audacity to talk about paying back the government. Will they go the route of Ford and issue Billions of stock shares to dupes who think they have value so they can pay back the Gov??? They do not look capable of making a profit by manufacturing and selling cars and trucks, so they might as well go the shares route before declaring bankruptcy again.