To the rescue

No thanks to the government who has poured lavish amounts of taxpayer dollars into its competitors, it seems as though CIT will not have to file for bankruptcy this week. Apparently the bondholders have decided to double down and buy some more bonds that will then be exchanged for equity.

Why its good:
1.) Now, small and medium businesses across the country should be able to stock their shelves for the holidays instead of having a going out of business sale for the holidays.
2.) This should make it possible for CIT to pay back the $2.33 BILLION we gave them under the TARP.
3.) Apparently the credit markets are moving a bit again if they were able to drum up what they needed to get by.
4.) Banks are saving themselves without handouts from the government! (Was I premature in my bitching? Did our leadership say no because they knew CIT didn't really need it? I have my doubts; I'm still pretty certain that it was a matter of not having any close friends/ex-employees in the administration...)

Now, if only there was a way to get the CEO to loosen his death grip on the company and bring it back around to a fully functioning bank...

THIS is whyipaytaxes.

read more: CIT Grabs a Lifeline(tbm)