CIT’s move will wipe out current holders of its common and preferred stock. That means the U.S. government will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the ailing company. The government could have lost billions more, however, had it not declined to hand over more aid to the company earlier this year.

Treasury Department spokesman Andrew Williams said the government will be closely monitoring the bankruptcy proceedings, but acknowledged that “recovery to preferred and common equity holders will be minimal.”

Charging 30% interest rates on credit cards even for good clients, is a CLEAR indication that the big whale will soon be dying. CIT was peanuts. Juat wait when they announce Citiybank has gone the way of the dodo bird. These type of firms are useless.

http://www.youtube.com/watch?v=4CC60HJvZRE

Warning Y’all in Advance i would rate it Above Dead cause he goes All Out and Kids Close your ears please
AAAAA on the content what George says
Contains un- beliveble Profanity

Proposed new company name:

ING = I
Credit Suisse = CS
Lloyds = L
BNP Paribas = BP

ICSLTBP = I Can See Large Bonuses & Profits.

Too long, let’s make the new company name: “LB”

After all, everybody understands “LB”:)

I guess Ben will just print.
Mike