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"Thousands of small and medium-sized businesses in the US face financial difficulties and could go out of business after lender CIT Group filed for bankruptcy protection last night.
"Although the company will keep operating, it is unlikely to be able to make the same number of loans as before. CIT provides working capital to small firms such as shops, their suppliers and restaurants, many of whom are already struggling in the recession.
***'
"CIT has provided funding to 2,000 firms that supply merchandise to more than 300,000 stores. About 60% of America's apparel industry depends on CIT for financing."
This is what the bailouts were intended to avoid -- and many jobs were saved as a result of the bailouts. I guess we'll see how the "let em fail" scenario works here.
This is what the bailouts were intended to avoid -- and many jobs were saved as a result of the bailouts. I guess we'll see how the "let em fail" scenario works here.
I understand the bailouts were intended to avoid bankruptcies, how is that working out? GM, now CIT, and how many jobs and how much money was saved? The ONLY thing these did was screw out the small investors while giving the govt ownership interests
btw, CIT is down 50% so far this morning.. and lets not even lookup what GM is down..
I understand the bailouts were intended to avoid bankruptcies, how is that working out? GM, now CIT, and how many jobs and how much money was saved? The ONLY thing these did was screw out the small investors while giving the govt ownership interests
btw, CIT is down 50% so far this morning.. and lets not even lookup what GM is down..
You'd rather GM have kept losing $500M/quarter, I know. GM and Chrysler are being turned around and will go public soon... the govt will divest its interest. The small investors should have gotten out long ago, they werent forced to buy or hold.
You'd rather GM have kept losing $500M/quarter, I know. GM and Chrysler are being turned around and will go public soon... the govt will divest its interest. The small investors should have gotten out long ago, they werent forced to buy or hold.
They said that about AMTRAK like 35 years ago.... well, I'll believe it when I see it.
This is what the bailouts were intended to avoid -- and many jobs were saved as a result of the bailouts. I guess we'll see how the "let em fail" scenario works here.
Over a hundred banks have gone under - what happened to them?
They generally get taken apart and their pieces sold.
Quote:
Originally Posted by sanrene
Didn't CITI get bailout money?
This is a whole 'nother outfit, though this place got TARP money, too.
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