CIT is a huge lender to small and middle-market businesses. 

If we want to keep the main engine of our economy from falling off a cliff, we ought to be more worried about the survival of lenders to small and middle-market companies than whether someone at Goldman gets $10million or whether seniors get a $250 check. 

Were all lenders taking outrageously stupid risk?  Yes.  Should they all have a time out?  Yes.  Should they make a lot of money? No.  But, first we need to shore up cash and credit availability to the backbone of our economy.  Then we can point fingers. 

Remember, the ambulances come to a scene of a shooting and take all the injured away and treat them.  After the dust settles, one of them may be in prison (or getting a lethal injection if he is in Texas).