Subject:
CIT
To:
President Barack Obama
Sen. Kay Bailey Hutchison
Sen. John Cornyn
Rep. Pete Olson
November 2, 2009
How is this allowable? I am outraged like most of America on how poor our economic policy is.
Excerpt from Yahoo Finance:
The prepackaged plan allows CIT to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses. The plan keeps CIT's operations alive and makes it possible for the company to exit bankruptcy by year's end.
But here's the bad news: While senior debt holders will only lose 30% of their investment, we, the U.S. taxpayer, will lose the entire $2.3 billion we lent the company this summer.
Source:http://finance.yahoo.com/tech-ticker/art...
Sugar land , TX
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