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Charlie Sykes: Sykes Writes

RATHOLE UPDATE

By Charlie Sykes

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Thank you, sir, may I have another one please! 

On the same day that Ford -- the one member of Detroit’s Big Three that did not receive a taxpayer bailout -- reported a quarterly profit of nearly $1 billion, a government watchdog warned that taxpayers are unlikely to recoup all of the $81 billion the Treasury Department has invested in General Motors and Chrysler.

**

Stay bent over.

CIT group, America’s leading specialist lender to small business, filed for Chapter 11 late last night in the fifth biggest bankruptcy in US history.

The collapse of the 101-year-old Utah-based lender, which trails behind only those of Lehman Brothers, Washington Mutual, Worldcom and General Motors in size, will leave US taxpayers with a $2.3 billion (£1.4 billion) bill.

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  1. Mombo Napolitano - Nov 03, 2009 10:24 AM

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    Let the market work, instead of letting The Marxist work. (including, letting failing businesses fail)

  2. 8rent - Nov 03, 2009 10:54 AM

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    So, the bailout was actually a federal grant to union workers? I'm shocked, shocked!

  3. James - Nov 03, 2009 11:38 AM

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    I love the spin about the car companies when they say we are unlikely to recoup all of the $81 million. It realistically should have read we are unlike to recoup ANY of the $81 million. Every quarterly and annual net loss of both these companies will be picked up by the taxpayers so long as the administration is out redistribute wealth to the UAW.

  4. LD - Nov 03, 2009 12:55 PM

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    Oh, if only it were a "mere" $81 Million. It's Billion, with a 'B' as in Barack....

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