Subject:
Kiss $2.3 BILLION Goodby
To:
President Barack Obama
Sen. Dianne Feinstein
Sen. Barbara Boxer
Rep. Linda Sanchez
November 3, 2009
@#$&*@! The next time you want to pass out $2.3 Billion of taxpayer money, put me on the recipient list not the donor list...If you want to play in the stock market, ask me how to do it...
US business lender CIT files for bankruptcy
By Andre Damon
3 November 2009
CIT Group, Inc., a major business lender, filed for bankruptcy Monday, becoming the largest recipient of Troubled Asset Relief Program (TARP) assistance to go bankrupt.
The bankruptcy will largely preserve the value of CIT's bonds, but will wipe out all government holdings. Last December, the company received $2.33 billion in the form of government preferred stock purchases as part of the Troubled Asset Relief Program (TARP).
CIT sought to renegotiate its bond obligations with shareholders earlier this month, but the deal fell through, leaving the company to pursue a so-called "managed bankruptcy."
The plan, which was approved this month by a majority of bondholders, would repay bonds at 70 percent of their original value and issue holders with new stock. Present owners of preferred and common stock, including the US government, will see their holdings wiped out.
THIS IS OUTRAGEOUS!!! NEEDLESS, TO SAY, I AM SHOCKED.
Lakewood , CA
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