Oh CIT!
A 101-year-old lending institution that provides capital to small and mid-size businesses has become the fifth-largest bankruptcy in American history on Sunday – trailing only Lehman Brothers, Washington Mutual, Worldcom and the company formerly known as General (now “Government”) motors.
CIT Group, which fought for months to avoid bankruptcy, hopes to eliminate $10 billion in debt under Chapter 11 protection.
Good for them, right?
But what of the company’s stockholders? And specifically the U.S. taxpayers – who are on the hook for $2.3 billion in federal bailout money given to CIT a year ago?
Yeah … that money is gone, baby, gone.
Comments
By Ynot on November 2nd, 2009 at 7:07 am
CIT = Fidelity Management and Research
GM = Fidelity Management and Research
WorldCom = Fidelity Management and Research
Lehman Bros = Fidelity Management and Research
Washington Mutual = Fidelity Management and Research
Look up business structures. Fidelity Management and Research, LLC or FMR, LLC owns controlling interests in each of these companies.
surprise*
By Liberty For Me on November 2nd, 2009 at 8:31 am
This a huge cog in destroying small business…this is a plan