Wednesday, Jul 15, 2009
Not to be confused with Citigroup
Reuters: US officials fear CIT situation has worsened-source
U.S. officials are still exploring providing government assistance to CIT Group (CIT.N), but are increasingly concerned that conditions at the lender have deteriorated too far, according to a source familiar with government talks.
Posted by devo @ 10:08 PM (494 views) Add Comment
6 Comments
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1. Goofy said...
What are you talking about, malct?
2. devo said...
A fascinating development in the 'Too Big to Fail' saga.
Here's the latest...
CIT says government support unlikely in near term
Talks with government agencies have ended; lender mulls alternatives
CIT Group Inc. said late Wednesday that it probably won't get a government bailout anytime soon, increasing the likelihood that the lender may collapse in what could be the fourth-largest bankruptcy in U.S. history.
CIT said talks with government agencies have ended and it has been advised that there's "no appreciable likelihood of additional government support being provided over the near term."
CIT's board and management, in consultation with its advisors, are evaluating alternatives, the company added in a statement after the markets closed.
Shares of CIT were halted earlier on Wednesday.
http://www.marketwatch.com/story/cit-says-us-support-appears-unlikely
3. devo said...
Are you familiar with the expression 'There's no show without Punch'?
Well, with that in mind, may I refer you to the following ... ?
Discovered: How Goldman Hedged Its Exposure To CIT
Goldman Sachs has a $3 billion line of credit out to troubled small-business lender CIT Group. News will be coming out later this afternoon about the fate of CIT, whose shares have been halted on the NYSE. But whether or not CIT is bailed out, Goldman probably won't be hurt very much.
http://www.businessinsider.com/discovered-how-goldman-hedged-its-exposure-to-cit-2009-7
4. devo said...
Catch this while you can, as it will no doubt have changed by the morning...
According to Google finance, CIT is now up 16,400% in after-hours trading.
http://www.google.com/finance?q=NYSE:CIT
Just a technical glitch. Probably.
5. devo said...
Why this matters...
CIT Group: 300,000 Mom and Pop Businesses Are Too Big To Fail
http://moneywatch.bnet.com/economic-news/blog/macro-view/cit-group-mom-and-pop-businesses-are-too-big-to-fail/832/
6. devo said...
1. Goofy said... What are you talking about, malct?
Thanks for the compliment, but I'm not malct.