Did you know that Obama didn't choose to "bail out" CIT, a lender who financed Small Business Loans?
If you had any stock in CIT, (Commercial Investmant Trust), you LOST it all. CIT filed bankruptcy in Nov. 2009. Stock within that company became null and void … GONE! Stocks continued trading under the name, but new stocks were brought in as replacements. I find this all interesting because CIT really helped mainstreet America by keeping the revolving door of credit to all the mid-sized businesses in America … including popular national chains where we all shop all the time! WHY, I wonder, would Obama choose NOT to bail them out, when he bailed the likes of the fraudulent banks out? Could it be one more eye opener to the FACT that he is purposely trying to take down America? Wake up, folks, we have a storm brewing, and a big fight to Win with a country to save!!! God Bless!
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7 comments
YB Logical on March 1, 2010 at 9:28 am
Most of the Obama agenda is based on "saving" the Nation from a crisis which has been created, perpetuated, and manipulated. Should the Nation be in the mist of a thriving economy with low unemployment rates, his agenda would not stand a chance in hell. The Obama Administration mistakenly believes that Americans will come to accept Government as the solution to all their problems if only the middle working class can be forced into accepting government hand outs as a way of life.
Protect America from Republicans on March 1, 2010 at 9:28 am
In 2008, CIT Group became a bank holding company in order to qualify for, and ultimately receive $2.3 billion in Troubled Asset Relief Program (TARP) funds. It declared Chapter 11 bankruptcy on 1 November 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings.
CIT got 2.3 billion from bush….quit posting lies please
Edwin C on March 1, 2010 at 9:28 am
Bush bailed out the banks, not Obama.
Ted Kennedy's Car on March 1, 2010 at 9:28 am
Obama only bailed out firms that were in bed with Goldman Sachs – because Goldman slipped obama a ten million dollar BRIBE (oops I mean campaign contribution)
All companies such as CIT that were part of Bear Stearns (Goldman’s competitor) were all left to swirl the bowl
Bear Sterns went belly up too. They didn’t pay off obama, and they didn’t control the FED.
Obama = PURE CORRUPTION
LA_Chick on March 1, 2010 at 9:28 am
CIT received $2.3 billion in TARP funds in 2008. They still were unable to get their house in order and filed for Chapter 11. It is sad for investors who lost money, but that is why the stock market is risky. CIT had been having problems for several years, they were in way too deep in the sub prime market.
MUFASA on March 1, 2010 at 9:28 am
On July 1, 2008, CIT Group announced that it would be selling its home lending division to Lone Star Funds for $1.5 billion in cash in addition to the $4.4 billion in debt the company held. CIT said it would concentrate on its commercial pursuits due to the decline in housing and mortgage markets of the past year. CIT also planned to sell their manufactured housing portfolio Vanderbilt Mortgage and Finance Inc. for approximately $300 million, although it held a value of $470 million.[10]
In 2008, CIT Group became a bank holding company in order to qualify for, and ultimately receive, $2.3 billion in Troubled Asset Relief Program (TARP) funds.[11]
On July 13, 2009, Bloomberg TV reported that CIT was asking for FDIC loan guarantees.
On July 15, the common stock of CIT was halted on the NYSE during trading hours with "News Pending". At 6:03 p.m. a press release was issued on the company’s website[page needed] stating that talks of a government bailout were unlikely. The company had been advised that there was "no appreciable likelihood of additional government support being provided over the near term."[citation needed] CIT announced that it believed it was unlikely that it would receive further funding from the federal government, and CIT Group came very close to declaring bankruptcy.[12][13][14] It was rescued in a US$3 billion deal on 19 July 2009, via an agreement with the bondholders group, which included Pacific Investment Management Company (PIMCO) and some other top CIT holders.[15] CIT said it planned a comprehensive restructuring of its liabilities.[16]
On September 30, 2009, in its continuing struggle to avoid bankruptcy, CIT Group was reported to be in negotiations with Citigroup Inc., Barclays Capital, and its bondholders to secure rescue financing to comply with its filing to find a plan “acceptable” to the majority of a bondholder steering committee that provided it with the emergency cash by Oct. 1.[17]
On Sunday, 1 November 2009, CIT Group filed for Chapter 11 bankruptcy protection.[18][19][20] It filed in the United States Bankruptcy Court for the Southern District of New York along with CIT Group Funding Company of Delaware LLC.[21]
On December 10, 2009, CIT satisfied all of the conditions required to consummate the prepackaged Plan of Reorganization (the "Plan"). The distribution of CIT’s new debt and equity securities took place in accordance with the Company’s confirmed Plan and the new common stock commenced trading on the New York Stock Exchange (NYSE) under the symbol "CIT." All previously issued and outstanding common stock and preferred stock was cancelled and extinguished. If you were a holder of CIT common stock (ticker CITGQ.PK) prior to December 10, 2009, you did not receive any distributions under the Plan. Those shares have been cancelled, are no longer traded, and are null, void and worthless.
Noreen on March 1, 2010 at 9:28 am
CIT was given 2.3B in TARP funds.
It went into bankruptcy in 11/2009, came out of bankruptcy in 12/2009 and continued trading under CIT.
Yes, the stock that was held before bankruptcy is now worthless. Wonder how much it was worth when it went into bankruptcy?