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shedfish

C I T Prepares For Possible Bankruptcy

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The century-old New York-based lender to 950,000 businesses became a bank in December to qualify for a government bailout and received $2.33 billion in funds from the U.S. Treasury.

CIT, which has reported more than $3 billion of losses in the last eight quarters, faces $10 billion of maturing debt through 2010 and hasn’t had access to the corporate bond market in more than a year, according to data compiled by Bloomberg.

http://www.bloomberg.com/apps/news?pid=206...id=aOcXMiFm91vw

Not Citigroup by the way - i think they're in commercial finance, and became a 'bank' to draw TARP

i can't stop staring at the name of their bankrupcy advisor - Skadden, Arps, Slate, Meagher & Flom LLP :ph34r:

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http://www.bloomberg.com/apps/news?pid=206...id=aOcXMiFm91vw

i can't stop staring at the name of their bankrupcy advisor - Skadden, Arps, Slate, Meagher & Flom LLP :ph34r:

Sounds like a load of flim Flom to me...they`ve been Skadden on thin ice for too long...no wonder everyone is up in Arps...it really is a Meagher step away from bankruptcy right now. :)

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Well with 200m in bonuses payable shortly, a bailout is clearly best for the country.

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