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Reply #31: They will withdraw from protection however they will not pay back taxpayers. [View All]

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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-02-09 02:10 PM
Response to Reply #25
31. They will withdraw from protection however they will not pay back taxpayers.
Why would any company voluntarily choose to pay back something they legally don't need to.

Don't get mad at CIT get mad at your elected officials and appointed govt employees who provided CIT funding that was junior (behind existing debt). Doing so virtually guaranteed a Bankruptcy judge will wipe it out in BK proceedings.

The Bankruptcy judge will likely wipe out taxpayer bonds using existing bankruptcy law. The rules for this "game" were known well in advance. The govt simply was stupid and didn't protect its investment.
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