CIT about to go belly up

[Mega]

http://www.bloomberg.com/apps/news?p...d=aHOrbEKeCVzk

Mike

[metalman]

Re: CIT about to go belly up

http://www.bloomberg.com/apps/news?p...d=aHOrbEKeCVzk

Mike

reads like politics of bailouts to me... first use the fire econ media to raise the specter of doom... 1 million businesses get loans from citi! if we let them go under we're all gonna diiiiieeeeee! aaaaaaahhhhh! :eek::eek::eek::eek::eek::eek:

then go back to congress for more money, leniency, etc....

[flintlock]

Re: CIT about to go belly up

That's CIT group, not CITIBANK. My brother's wife used to work for CIT.

[Spartacus]

Re: CIT about to go belly up

I agree with you, but remember the spin?

specifically, the congressman (c) talking with Pandit (P)

P: "It's an insurance policy"
C: show me the words insurance policy anywhere in there
P: "It's an insurance policy"
C: show me the words insurance policy anywhere in there
P: "It's an insurance policy"

reads like politics of bailouts to me... first use the fire econ media to raise the specter of doom... 1 million businesses get loans from citi! if we let them go under we're all gonna diiiiieeeeee! aaaaaaahhhhh! :eek::eek::eek::eek::eek::eek:

then go back to congress for more money, leniency, etc....

According to Pandit & Citigroup, they never got
leniency
money
help
preferential treatment
privilege (the technical definition, "private law, the law for the better classes")

[flintlock]

Re: CIT about to go belly up

[ricket]

Re: CIT about to go belly up

*yawn* another financial company. another "loss".

"hey, can you print some more money?"
"sure"

[Tybee Island]

Re: CIT about to go belly up

How could they justify a save of CIT and not the State of California (or New York for that matter)?

I think Sheila at the FDIC has shown that she has bigger balls than Turbo Tim and BB put together. Of course she isn't on the Goldman payroll.

[touchring]

Re: CIT about to go belly up

How could they justify a save of CIT and not the State of California (or New York for that matter)?

I think Sheila at the FDIC has shown that she has bigger balls than Turbo Tim and BB put together. Of course she isn't on the Goldman payroll.

State of California is not a bank.

As for the state of California, this is a problem of the Californians. :]

[D-Mack]

Re: CIT about to go belly up

State of California is not a bank.

As for the state of California, this is a problem of the Californians. :]

Goldman wasn't either

[touchring]

Re: CIT about to go belly up

Goldman wasn't either

I meant the Wallstreet organizations that control the US government.

[Sapiens]

Re: CIT about to go belly up

Trading Halted in CIT Shares
http://online.wsj.com/article/SB124768727832747201.html

WASHINGTON -- Trading in the shares of crippled commercial lender CIT Group Inc. was halted on the New York Stock Exchange late Wednesday afternoon.

A trading halt often occurs when news about a company is about to be released.

Regulators have been poring over the books at New York-based CIT trying to determine which of its assets remain strong enough to secure emergency financing.

The company has been teetering on the brink of a bankruptcy filing as its assets decline in value and a large debt payment looms.

Industry and government officials say representatives from the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. have been meeting to discuss plans for a possible rescue of CIT.

[GRG55]

Re: CIT about to go belly up

But its not Friday.

That's why we know it's going to get bailed out instead of shut down...;)

[thunderdownunder]

Re: CIT about to go belly up

Looks like their goose is close to being cooked. One more straw bale on to the camels back.

http://www.bloomberg.com/apps/news?p...d=au7g7OjDYZ10

You can kiss a cool $2,300,000,000 tax payers dollars good bye. Its only money

HOLD ON - TWO Billion, Three Hundred Million Dollars GONE IN MATTER OF MONTHS :eek:- someones telling pork pies. What did they do with it all, remodel downtown Manhattan. If you think about it this FIRE economy is burning cash a a rate vastly quicker than it produces "real goods and services"

[ThePythonicCow]

Re: CIT about to go belly up

Unlike Bear Stearns Cos. or American International Group Inc., which got extraordinary aid last year, New York-based CIT specializes in loans to smaller firms, counting 1 million enterprises, including 300,000 retailers, among its customers.

Well there's CIT's problem right there.

If they had lent large sums of money to Goldman Sachs, they'd bailed out for sure.

Who cares if a million smaller firms go belly up for want of routine financing?

[thunderdownunder]

Re: CIT about to go belly up

Are the members of this "Banking Club" stark raving mad - those small firms are situated in a very important part of the ship - Its called the engine room. You don't service it and the ship stops, along with the lights, water, food and effluent. Goldman may have the money for the best room but its the engine room that services it.

Interesting to see Goldman made such a good profit hey! - don't look so good now - don't you love it when a domino hits your future bottom line.
I can't stop laughing at the Masters of the Universe as they ignore what goes around comes back to bite your ass a year later. Michael Esposito might miss bonus as well as his office.

http://blogs.wsj.com/deals/2008/06/1...y-to-save-cit/

http://www.bloomberg.com/apps/news?p...2S6NscGM24&dbk

NOW they have a BIG interest in seeing this company through
The recession marches on and I can see, Now, why the ridiculous rise in the Dow is needed for a whoopy cushion
Thanks Mega this is one more of your intuitive finds