Monday, November 2, 2009
Being CIT
CIT, the 101 year-old company which lends largely to small businesses, filed for bankruptcy today. In spite of the bailout of $2.3 billion from the federal government, CIT became insolvent. It looks like our billions would have been better spent in small banks and credit unions. Perhaps this would have better jumpstart and sustain the economy. I wonder with this bankruptcy how much of the billions went toward bonuses and what will happen to the infusion of government capital. Did the government secure our $2.3 billion investment?
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2 comments:
I agree, a bet small banks and credit unions would've made better use of the funds.
How is your book coming? What do you teach? You said I could feel free not to comment specifically on your posts.
I haven't really kept up with these things. I'll just get stressed...and I don't need any more stress. :-)
Corrie - The book is going very well; it's a novel loosely based on my family. Corporate training and taught business communication on the college level. But before these things I was a substitute teacher as I worked on my PhD. I loved this. I took this job very seriously. It was a rude awakening for the kids, but we had fun and I was the preferred substitute teacher for many schools. I love and honor kids.
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