CIT Deal- Govt Clueless Guy on other side of the table…

Nov 3, 2009 by Sam

Is is astounding beyond belief that the Taxpayers will lose their entire position in CIT. Have you ever been in a deal where you realized after one meeting that the other side of the table had no clue what they were doing and that this deal was going to be a slam dunk in your favor. Maybe it was a meeting with scientists who thought they were businessmen or with salespeople who thought they knew how to sell a deal. It has happened to most of us. Walking out of the room the feeling of “this guy really has no clue- how could have he even gotten to the table- the scientist  should be in the lab developing drugs or the salesmen selling products ” .. Well. The government should be running the essential government services and not be in the investment business. When that happens- when you do something in which you have no expertise you are like the clueless guy on the other side of the table.  CIT took the money, smiled, thought about the easy terms that the govt offered ( of course the govt thought it was getting a great deal , preferred, warrants they though they were “Uber smart-“) and about how in the world did the government ever get into the money lending business without a clue. CIT wins. Clueless guy loses.