CIT: Too Cheap To Save

I've not been to MBA school, yet, as I'm awaiting the onset of senility to improve its palatability. Nevertheless, I'm certain that the concept that "It takes money to make money" is readily applicable to modern business. In other words, a company must invest its capital wisely in order to generate future returns. If you are a financial institution that's recklessly lent yourself into insolvency, I can't think of a better investment than the acquisition of a few Congressmen. JP Morgan, Citigroup, Goldman Sachs, Bank of America, Capital One, and Discover all understood this and were allowed to loot the Treasury. In fact, the smarter TARP recipients even kicked back a cut of their bailout booty as campaign contributions, in the time honored pimp/call girl tradition, which allowed them further privileges such as mark-to-myth accounting and unhindered NYSE market manipulation. Apparently, this concept was lost on CIT which explains why it wasn't in the taxpayers interest to save them. After all, CIT only lent to small business instead of companies like Discover, who provide the valuable service of streamlining taxpayer balance sheets with 29.99% late penalties.



From the FEC Campaign Disclosure Database.