Tax Payers Take It On The Chin With CIT

CIT expected to file for a pre-packaged bankruptcy.

http://dealbook.blogs.nytimes.com/2009/11/01/cit-to-file-for-bankruptcy-soon/?hp

The $2.3B in government aid that was given to CIT in the form of preferred stock is worthless and is lost.

At least Goldman Sachs which is part of the government gets to preserve its $2.13B loan. So its not a total loss.