CIT Group about to go under.

[Odin2005]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3971166

This is gonna be BAD! :scared:

We can save Goldman-Sacks but not a bank that is so important for small and medium-sized businesses? How fucked up is that? :wtf:

[madrchsod]

1. the plan is working.....

we gave money to the big banks so they can buy CIT group.

[Po_d Mainiac]

2. It needs to done.

When banks fail, their assets get sold. Assets are actually worth something. Junk paper either gets marked to value, or gets flushed.

Shiti Group customers that are zombies themselves will die. Those that are viable will survive. Good assets/customers will go to the receiver institutions. That is why we have a system in place to efficiently deal with failed banks.

In order to come out of this depression, the system needs to be purged. This should have been done in 2002, and we are suffering from that failure today.

I have a very personal story to tell about Shiti Group, but that saga is too long to get into at the moment. So to make a long story short. I had a business credit line with Shiti that was used when it was "profitable for me" to access it. After 6 months it was canceled because I paid off balances! Since I was unwilling to surrender my hard earned income to them, I was not the type of customer they were looking for! I had no problem replacing their :puke: "service"

In 1999, what was then Shiticorp was instrumental in moving The Gramm-Leach-Bliley Act, which trashed Glass-Steagall and opened the door for the 2007-present/future plaguing us today.

Good-bye Shiti Group. Hope the door hits you in the ass hard enough to leave a permanent mark.

[Joanne98]

4. ALL the banks helped move Gramm-Leach. The insurers too.

Letting the vultures eat CIT will only make the "too big to fail" problem BIGGER!

[OllieLotte]

5. I tend to agree.

We need to stop bailing out the banks/companies that are failures and let their assets be purchased on the cheap by someone that knows what they are doing and put to good use.

[Odin2005]

6. CIT Group and Citigroup are completely different companies, FYI.

[A HERETIC I AM]

8. That clarification probably needs it's own thread.

There seems to be a lot of confusion on that point.

Two completely different, unrelated companies.

Citigroup, Inc.;
http://finance.yahoo.com/q/pr?s=C

CIT Group, Inc.;
http://finance.yahoo.com/q/pr?s=CIT

[TwixVoy]

14. Not really

anyone too ignorant not to already know the difference (both mega corporations that have been around 100 years) likely isn't going to bother to educate themselves in such a thread anytime soon.

[TwixVoy]

13. Gotta love that kind of gross ignorance huh?

Half the reason most people have no clue what is coming down the pipe.

[CoffeeCat]

15. What is coming down the pipeline?

One minute I think I know. The next my head is exploding.

If anyone thinks they might have an inkling--I'd be so grateful if they would share any insight.

[Odin2005]

19. A lot of small and medium-sized businesses may go under.

[CoffeeCat]

20. My sense if that big entities will step in...

Notice how certain companies are being helped, while others are allowed to die?

Why is that? CIT is one of the largest banks in the country. One could easily
make the "too big to fail" argument for CIT, which was made for the banks that
rec'd bailout funds.

Our government, in tandem with select corporations (Goldman, JP Morgan, Bank of America, etc)
has decided that there will be a few burgeoning banks that flourish--and the rest can all go
to hell.

CIT is failing, so Goldman, JPM, etc.--can step in and make those loans to small- and medium-
sized businesses.

IMHO, of course.

[Joanne98]

3. Fuckers. Main st can just suck it as far as they're concerned.

[Po_d Mainiac]

7. May 08,2009---- Shitigroup Quotes

The results of the so-called :puke: "Stress Tests" (Read: Just messin you America) came out the previous day.

Here is what Shiti's Chief Lying Officers had to say. The quotes are from the LA Times
http://articles.latimes.com/2009/may/08/business/fi-stress-tests8

"This stress test was probably more critical for us than others," Vikram Pandit, Citigroup's chief executive, said in a conference call with analysts. "I'm happy that this part of the process is done and that this chapter is behind us."

Citigroup's chief financial officer, Ned Kelly, called the process "a milestone for us and for the industry."

The use of "milestone" would have been more appropriately replaced with tombstone Hellofa test huh? Just over 2 months since the release and :nuke: Shiti should not even be a current topic in today's affairs, but a mere memory.

[Po_d Mainiac]

10. disregard post bad info on my part n/t

[Odin2005]

9. Please note: This is NOT Citigroup, this is a totally different entity.

[Po_d Mainiac]

11. Odin....I stand humbled

[prostomulgus]

12. We should trust President Obama on this.

He knows a lot more about this than we do and he will certainly do what's best.

[CoffeeCat]

16. Ummmm...

...ok.

I still have hope, but not much.

I think the Fascist corporatist neocon scumbags are still entrenched and running things in our government. I think
their disease has metastasized--and I don't think one person (even a President) can eradicate it.

[westerebus]

17. kool aid kool aid kool aid kool aid kool aid kool aid kool aid

Did I mention kool aid? Yummy. Sweet. Cool. Kool Aid. Sorry, some times my sarcasm gene just pops through and I loose control of the key board.

[Po_d Mainiac]

18. I stomped on my own dick

Not the first time either :cry: Head takes a couple days/daze to get back to normal after a migraine