With all the money poured into these banks with TARP money and yet they still have to do a structured bankruptcy. Who is going to get left holding the bag of having worthless paper from Citibank?
Here are the biggest losers who received Tarp funds from the US Taxpayers: Citigroup -42.46% (received $25 billion with $20 billion more promised), Bank of America -34.09% and Merrill Lynch (soon to be owned by BofA) - 24.94%. When you throw in the remaining six firms (Goldman Sachs, JPMorgan Chase, Wells Fargo, Bank of NY Mellon, State Street and Morgan Stanley) you have a weighted return on investment of -20.10%, or a loss of $25.2 billion of which $10.6 billion is due to the Citigroup investment. If Citigroup were to not have received a dime, then the weighted return of the remaining 8 top-tier banks would be -14.50%. (Source: Where did $33.5 billion in TARP losses go? Citibank to start.)
Where is the investigation in all of this money and how it was spent? Never mind, Democrats are in charge and they won't even investigate the tax cheat Charles Rangel.
Breaking News Alert
The New York Times
Sun, November 01, 2009 -- 4:08 PM ET
CIT Group Files for Bankruptcy
After months of efforts to stay alive, the company filed for Chapter 11 -- but under a so-called prepackaged bankruptcyplan that will enable it to emerge from court protection by the end of the year.
Read More: New York Times
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