CIT Files for Bankruptcy

deMolay · **Joined:** Sun Sep 04, 2005 12:00 am **Posts:** 2058

Un official troubled bank list. http://bankimplode.com/list/troubledbanks.htm

mcgowanjm · **Joined:** Fri May 23, 2008 12:00 am **Posts:** 540

When the 5th largest BK in US is bumped for
the 911 warship and Ford announcing it will
be profitable in 2011:

We're insolvent.

rangerone314 · **Posted:** Mon Nov 02, 2009 6:41 am

Those aren't green shoots... those are mushrooms rising up, feeding on the rotting corpse of the economy.

frankthetank · **Posted:** Mon Nov 02, 2009 7:52 am

A couple years ago i might have thought the sky was falling, not anymore... yawn

Pretty sad really... When does "American Idol" start?..i need more distraction

mcgowanjm · **Joined:** Fri May 23, 2008 12:00 am **Posts:** 540

And that's the takeaway.

This stuff's boring. Look. Nothing's happened yet.

:twisted:

Quote:

I also continue to assert that a flurry of bonuses paid out this holiday season by Goldman Sachs and its other amigos at the top of the banking food chain will be greeted by violence - which will be the natural outcome of a society whose government fails to even give the appearance of protecting its citizens from organized crime. How did a sock puppet get appointed head of the US Department of Justice, folks will wonder.

-kunstler

crude_intentions · **Posted:** Mon Nov 02, 2009 9:36 am

Let me guess how this going to play out. The inverstors (including all of us living in U.S) are going to lose everything. The employee's will lose not only thier jobs, but their healthcare, retirement and pension but the corporate rats will walk away golden parachutes so large they could be used to tent Yankee Stadium.

Is'nt that how it usually works out. :cry:

deMolay · **Joined:** Sun Sep 04, 2005 12:00 am **Posts:** 2058

And if you get to mouthy, we will taser your ass and drag you off to jail.

nobodypanic · **Joined:** Mon Jun 02, 2008 12:00 am **Posts:** 885

deMolay wrote:

Tings is getting better. Nothing but green shoots.

now you say that as a joke, but while at work today i actually heard the talking head morons at CNN try to spin this as a good thing: (i am paraphrasing) "this could be a good thing. letting CIT go through bankruptcy will show the world that capitalism still works." :lol:

up is down, down is up.

EnergyUnlimited · **Joined:** Mon May 15, 2006 12:00 am **Posts:** 3766

nobodypanic wrote:

deMolay wrote:

Tings is getting better. Nothing but green shoots.

now you say that as a joke, but while at work today i actually heard the talking head morons at CNN try to spin this as a good thing: (i am paraphrasing) "this could be a good thing. letting CIT go through bankruptcy will show the world that capitalism still works." :lol:

up is down, down is up.

In some sense it is true.
Capitalism is a powerful Nature's proxy and regardless of all efforts of governments to achieve the opposite, it WILL at the end succeed and shut down most of current economic activities.

So in fact, despite all the meddling it does work at the end.
However you might not like this end.

timmac · **Posted:** Wed Nov 04, 2009 4:54 pm

Tyler_JC wrote:

Maybe they thought their investments would allow the company to avoid bankruptcy?

Or maybe they were making sure that when the company finally went belly up, they would be first in line to get the prime assets?

The only thing I know is that taxpayers just got robbed, again. We lent CIT billions of dollars and now we aren't going to see a dime of it.

I don't think the bankruptcy court is going to let CIT get a way with the bail out $$, part of the loan requirement from the Fed is that they can not wipe away bailout $$ in bankruptcy.

CIT Files for Bankruptcy

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