CIT declares bankruptcy - gov't loses 2.3 billion

[menifee]

Despite the gov't injection into CIT, it still could not hold on and had to declare. Believe it or not, they will go through a restructuring in bankruptcy and emerge. No crisis - the world did not end. The bankruptcy process works as it has for a number of years.

The gov't tried to prevent this last year by using 2.3 billion of TARP funds to bail out CIT. It did not work and now every American just lost a few bucks. Don't worry, Goldman was smart and will get paid on its loan. We will not. The press snoozes. Our deficit increases.

[bigmack]

This shit is getting way past the supposed "Anti-Semitic" rancor PA alluded.

Somebody needs to step forward and ask some serious questions.

CIT Group will pay Goldman a termination fee of $285 million and will post $250 million in collateral. In return, Goldman agreed not to terminate the credit facility in the event of a CIT bankruptcy.

[DJofSD]

Gee whiz, how much do I get to deduct as a bad loan loss?