CIT Bankrupcty – More Tax Dollars Down a Rat Hole
Another “too big to fail” lender has ….. wait for it …. failed! Yes, CIT Group, Inc. has filed the 5th largest bankruptcy in U.S. history so that it can wipe its hands clean of billions in bond debt, including $2.3 billion in taxpayer money that we gifted to them on 12/31/2008. Belated Happy New Year to us!
The CEO is Jeffrey Peek, who pushed CIT into the sub-prime mortgage and student loan business to “pump up growth.” How’s that plan working out for you, Mr. Genius?
If you own Bank of America stock (I’m glad we sold ours a year ago), you might want to check its balance sheet and think about getting out. CIT owes B of A $7.5 billion, all unsecured.
I don’t give a rat’s you-know-what about whether a company like CIT lives or dies. There will always be another to take its place. I do have problems having billions in our hard earned tax dollars flushed down that rat’s hole.