CIT Bankruptcy: Taxpayers Stiffed on Company's Bailout Billions While Execs Reap Bonuses

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sent by Sparrows since 15 days 1 time 33 minutes, published about 14 days 5 hours 38 minutes
If people were pissed off about AIG's temporary decline and permanent bonuses, CIT's bankruptcy ought to enrage them. The giant lender to businesses is heading for a quick in-and-out in bankruptcy court, and when it emerges, taxpayers will be the ones who have gotten the ol' in-out: CIT won't have to repay its $2.33 billion TARP bailout. CIT's been in deep trouble for way more than a year. Meanwhile, some of its execs have reaped special bonuses. Its H.R. director, Jim Duffy, has received a $450,000 cash bonus for what the company called his "exceptional performance." What did he do? "Mr. Duffy's achievements in 2008 include the design and implementation of a process to reduce our total headcount by 22% ... along with the successful deployment of talent and development programs targeted at retaining CIT's key talent," according to CIT's proxy filing last April. That message to taxpayers was approved by CEO Jeff Peek. That was the same month that Peek's wife, Liz Peek (a former journalist), wrote an anonymous, weepy tell-all for Portfolio about the sad plight of TARP wives. And that was the same month that Portfolio itself went out of business.
tags: cti bailout, blns, taxpayers problem, peeks
5 commentscategory: Abuse of Power/Corruption karma: 167

comments

  1. #1    "Taxpayers Stiffed on Company's Bailout Billions" ...

    ... which is why Obama was told to select Geithner to arrange the bailout deals instead of someone who would work *for* the American people.
    written by Mike5000 since 15 days 1 time 8 minutesMike5000
  2. #2    What's the point anymore?

    All we do is write our outrage, call senators and congresspersons who've long ago stopped being concerned about constituents unless they're corporations or billionaires, and hope that things will somehow be different with each situation that comes up. The classic definition of insanity cited by Einstein and heard in millions of Alcoholics Anonymous meetings - doing the same thing and expecting different results. Only this last time they really tricked us, right? Throw a black man into the mix. Except he isn't really black, is he? He's $100 bill green and corrupt through and through.

    Time for a revolution, I agree with that wingnut Bachmann on that. Time to get...

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    written by matt since 14 days 4 hours 2 minutesmatt
  3. #3    Bankrupt Taxpayers Stiffed - Company's -------------- Execs Rape us.

    CIT CEO Jeff Peek's wife, Liz write anonymous letter about the hard times Wall St. CEO families have making end's meet. Family reduced to having to shop domestic Caviar Helper!
    written by TheSkepticalCynic since 14 days 2 hours 32 minutesTheSkepticalCynic
  4. #4    Excellent question, matt. I don't think the point has ever been to REALLY change things, matt. As much as we would all like to believe that. If we had really wanted change everyone would have voted Kucinich in regardless to the monied interests and the media. But, no, we went along with the media circus even when we knew that Mr. K was not in the corporate pockets.

    So, now that we have to live through what we voted in, I agree with you that we should not belly-ache about it.

    HOWEVER,

    That does not say that this is not the time and OPPORTUNITY to become so well-informed that we, the sheeple, do not get tricked again into being sheeple. So, this is how we become informed. By using for...

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    written by Sparrows since 14 days 1 time 59 minutesSparrows
  5. #5    No, if we all wanted change we would have voted for Cynthia McKinney.
    As much as Dennis Kucinich makes the right noises, he always makes them just until the more radical candidates have been defeated, or the more populist candidates who actually have a chance of winning, like Edwards, are forced to pull out when the big money enters the game. As detestable as I think Edwards' action re: his fidelity to his sick wife are, that's btw them.

    You're right, though, change never was intended, the propaganda machine just changed the tune a little to ensure that large numbers of disenchanted voters would come put to vote in addition to large numbers of kids. Well, not only have those voters been ...

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    written by matt since 12 days 5 hours 8 minutesmatt
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