The Los Angeles Times reported, according to a disclosure obtained by the California Reinvestment Coalition, CIT stands to collect more than $1.4 billion from federal regulators to cover future losses should its purchase of OneWest Bank be approved.

The LA Times said news of the loss coverage has enraged the public advocacy group, as one more major government subsidy in a deal that also is enriching billionaires and top OneWest managers.

The LA Times noted that particularly galling to the coalition is that CIT never repaid $2.3 billion in taxpayer bailout funds during the Great Recession as a result of its bankruptcy.

To view the full LA Times report, click here.

Previously on monitordaily: CA Coalition to Oppose CIT, OneWest Merger