CIT Group Inc.
Date:
December 31, 2008
Maximum Amount:
$2.33 billion
Amount Spent:
$2.33 billion
Deficit Impact:
$2.33 billion This institution received funds from the Treasury Department under the Capital Purchase Program in order to promote lending and market liquidity. The institution gives the Treasury Department warrants and dividend payments, while the Treasury buys preferred stock shares from the bank.
CIT Group entered into bankruptcy on 2/10/2010, and the $2.33 billion of its assets held by TARP are considered a loss.
Source:
Notes:
Maximum amount based on official Treasury statements. Amount spent indicates loans and purchases minus loan repayments (but not dividends), as of 10/15/2010 (http://www.financialstability.gov/latest/index.html). Deficit impact is Treasury's loss on its investment in CIT.