the plan for speedy reorganization will get cit out of chapter eleven protection by year end. debt holders and creditors are happy with it. and it will allow protection of the us government aid to cit.

new york times

<link>

wall street journal:

good article in money and investing front page but my virus protection blocked getting a link, it seems rupert murdock's flagship site is infected.

But was the loss of 2.3 billion backed by the taxpayers that are stuck with that tab?

no, there is no loss at this point. the reorganization will restructure the debt and setup a company that can pay off its debts. anybody that tells you differently does not know what they are talking about.

From the link you posted. Did you read it? 'Even so, the bankruptcy filing means taxpayers will lose the $2.3 billion investment they made in CIT as part of the government’s sweeping financial rescue last fall, marking the first such loss of the bailout program."

Last fall? Wasn't yer Boy Blunder still in charge of running the economy off the cliff? Wasn't the Boy Blunder the same one who sat around for 4 months and didn't do shit amidst the worst financial crisis? Nice!

MISSION ACCOMPLISHED!

teigan:

From the link you posted. Did you read it? 'Even so, the bankruptcy filing means taxpayers will lose the $2.3 billion investment they made in CIT as part of the government’s sweeping financial rescue last fall, marking the first such loss of the bailout program."

hadn't been extended that $2.3 billion? I guess this is a question for you tiegan, as you seem so convinced that was a bad investment. And hey..you maybe be right - maybe it WAS a bad investment!

But..in order for you to be sure, you'd have to have the answer to my question. So...please share!

Obama sticks it to US Taxpayers ti a tune of $2,300,000,000.00

How do you like the CHANGE?

Yep it was passed during the Bush administration and signed by him against the wishes of his voters. It was also voted for and approved by Obama and majority of democrats, it was opposed by most republicans and barely passed.