So back in the summer of last year (2008) Philippe and I (my roommate since the last few years) were agonizing over the inactivity of our former band, Minute Maze (www.myspace.com), and how we never could get anywhere because of scheduling differences. We decided to cut everything and go on on our own under a new name, and we started exchanging name ideas. Then one day, as we decided to head down to The Utah on 4th Street here in San Francisco and do an impromptu open mic, the same day the bailout plan was unveiled. We chose to present us as the "Corporate Bailout", and the name stuck. We have been playing open mics under the same name since.