Posts Tagged ‘CIT’

Lessons From CIT

Here’s a dirty little secret for you. The market actually works and we don’t need to bail out everyone. I guess that’s two secrets. Remember how the imminent demise of CIT was going to tank small businesses from sea to shining sea. The usual suspects were in full Armageddon mode with predictions that if we […]

CIT Gets Some Breathing Room

Hallelujah, a victory of sorts for capitalism. The WSJ is reporting that CIT has reached an agreement with some of its bondholders that will give it some breathing room: CIT Group Inc. was close to securing $3 billion in last-minute rescue financing from its bondholders Sunday in a deal that should keep the struggling firm — […]

No Rescue For CIT

The WSJ reports that CIT and the government have broken off talks about a rescue package for the lender: Small-business lender CIT Group Inc. said “there is no appreciable likelihood” that it will receive fresh government support, suggesting the struggling company might instead seek to file for bankruptcy protection. In a written statement issued after the market […]

Dependency And The Financial Markets

Floyd Norris has an excellent post up today concerning CIT and the financial system. I’d like to talk quickly about one of the points he makes. Here is what he has to say: Despite the slight opening of financial markets since the winter panic eased, this country does not have a decently functioning financial system. It […]

CIT’s Bid For FDIC Backing Stalls

The current dustup over CIT will tell us a lot about the intentions of the Treasury with respect to the banking industry. If you aren’t familiar with the story, CIT converted to a bank holding company last year in order to qualify for TARP funds and the other goodies that supposedly come with that Charter. […]