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TheStreet Open House

CIT TARP Wipeout is Official

Linus Wilson, a University of Louisiana professor who has kept a close critical watch on the bailout, just hopes the Treasury has learned its lesson on CIT, should the lender run into trouble again under its new boss, former NYSE Euronext (NYX)and Merrill Lynch chief John Thain.

"Taxpayers have already been burned once propping up CIT Group. Hopefully, they will not be forced to do that by misguided Treasury officials again. One thing we learned from the first Chapter 11 filing of CIT Group was that its bankruptcy was a non-event for the markets," Wilson wrote via email.

A spokesperson for the Treasury declined comment for this article.

CIT shares rose 14 cents to $30.75 in recent trades. Based on Monday's close at $30.61, the stock was up nearly 11% so far in 2010.

-- Written by Dan Freed in New York.

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