Comments on: CIT Bankrupcty – More Tax Dollars Down a Rat Hole

By: MasterPo

MasterPo — Wed, 04 Nov 2009 03:23:06 +0000

A fluke. Or more likely they robbed Peter to pay Obama. They aren’t as dumb as some want you to think. They saw the handwriting on the wall and didn’t want a take over by the gov.

BTW, you do know there are MANY other banks that *want* to pay back the gov but aren’t being allowed to?!

By: Rick Beagle

Rick Beagle — Tue, 03 Nov 2009 22:57:42 +0000

Good points Kitty.

By: kitty

kitty — Tue, 03 Nov 2009 18:14:10 +0000

@Master Po “You couldn’t POSSIBLY have *really* believed the gov (and therefore the tax payer) was EVER going to get paid the $$$ back, muchless make a profit off these “bailouts”! :-/”

Are you aware that Goldman, AXP, USB and others that have paid TARP money back, paid the equivalent of 20% yearly interest in interest payments and repurchased stock warrants? I don’t see that as particularly bad return. And until the companies that still have the money follow in CIT footsteps, they keep paying interest.

As to CIT – I agree with Rick’s first post here: why shouldn’t the company that emerges from bankruptcy still owe the taxpayers?

Samurai – I haven’t really followed the story of Citygroup’s executive so I don’t know if it is 1) government’s failure to manage properly – the government is a single major shareholder of City so it should pay attention, or 2) existing contracts that have to be honored by law 3) payment to those who did make money. There are executives and there are executive. If a particular executive responsible for losing billions, he should get nothing. If a particular executive brought the company billions, I don’t see why he shouldn’t get a nice bonus. Keep in mind that we do want City to succeed – it is the only way to get the money back, so we don’t want best people to leave. Regardless, it is a relatively small amount. Talking about millions when we spent billions is like complaining about 50 cents while throwing $400 out the window. How much money the government is wasting every year?

By: Financial Samurai

Financial Samurai — Tue, 03 Nov 2009 14:03:04 +0000

Gotta love it though! The Market didn’t implode and took it in stride!

We own 33% of Citigroup, and they raised base salaries by 50% for thousands of executives.

God bless America!

By: MasterPo

MasterPo — Tue, 03 Nov 2009 03:41:02 +0000

Everyone took something, one way or another.

At this point it’s less than academic to say who got paid to look the otherway.

The lesson should be not to throw good money after bad.

And trust let the same people who made the mess to clean it up!

By: MasterPo

MasterPo — Tue, 03 Nov 2009 03:31:45 +0000

How’s the gov’s “investment” in GM doing?

By: PW

PW — Mon, 02 Nov 2009 20:21:16 +0000

I bet if we tracked back to see who contributed to Dem and Rep political campaigns we would find out why these companies are not allowed to fail. And why we will never see a penny of a return on our taxpayer money. They should be allowed to fail. I read where AIG biggies high income earners are starting up another company, same people, same business. That way they are moving to another company where salaries cannot be controlled, moving the business with them, and screwing the taxpayers again, and the good ole politicians are closing their eyes to what is happening. Has anyone ever gotten $ back from the gov?? I say let them all fail, if they cannot run a company any better then that then perhaps they learn the hard way. I am so done with gov. handouts for friends, family etc.