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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (18110)7/15/2009 8:06:32 PM
From: tdl413810 Recommendations  Read Replies (1) of 50127
 
Well, it looks like CIT Financial has been given the kiss of death by the Obama administration. No more funding...no guarantees...nothing.

Seems the quality of their existing loans no longer qualified for assistance. Hard to believe that a financial institution actually making loans in this environment wouldn't suffer unexpected losses.

I guess the irony is that they continued to make loans to small and mid-size business that felt the brunt of the current economic slowdown. Why they didn't just accept their original 2.3B in TARP funding and stop making loans is beyond me. After all, that practice has worked for all the other banks and investment houses.

To think they had the audacity to continue making loans and servicing their clients.....

Why they weren't smart enough to establish some sort of creditor connection with GS is just as mind boggling. Bet the FED and FDIC would have arrived with checkbook in hand if the likes of GS or JPM was about to book a loss....heaven forbid....their bonus's would have to be adjusted.

So now we'll hear about the fallout. Small and medium sized business can't make payroll....no funding for factoring invoices....some more "for rent" signs on commercial real estate. No big deal. The damage will be contained to Main Street.....Wall Street won't even notice.

Just my thoughts
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