CIT Bankruptcy Helps Bondholders, Hurts Taxpayers

by Benjamin Domenech on 9:59 am November 2, 2009

The largest firm to be bailed out gives back nothing. “CIT’s bankruptcy may give bondholders new notes at 70 cents on the dollar plus new common stock,” with clients getting funds, while “the U.S. Treasury Department said it won’t recoup much, if any, of the $2.33 billion of taxpayer money that went into CIT.”

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