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CIT Group
Latest Headlines
Latest Headlines
Paulson bets on Goldman Sachs
John Paulson ( John Paulson news) seems to be doubling down on banks and financial institutions. A recent filing revealed he bought 1.1 million Goldman Sachs shares over the past three months. He also bought 30 million Bank of America warrants, boosted his holdings in Wells Fargo by 4.5 milli
Thain a great fit at CIT?
Breakingviews says this about John Thain's move to CIT: The former Merrill Lynch CEO, whose personal brand was tarnished by the whole Bank of America ( BAC ) deal fiasco, "has checked into rehab--career rehab that is." That's an interesting way of putting it. Whether the arrangement proves t
Goldman Sachs to the aid of small businesses?
Not too long ago, we suggested that Goldman Sachs ought to buy CIT and jump headlong into the business of small business lending. I really don't see Goldman Sachs yearning to get into inventory finance and the like, but it would really help its PR aims.
Well, the gilded firm has been thinking
Icahn growls at CIT board
Recall that CIT sweetened the terms of proposed debt exchange offer to help the company reduce its debt and pave the way for a restructuring. Bondholders have until Oct. 29 to vote.
One big-name bondholder is already voicing his objections. Carl Icahn, who is apparently one of the lenders' big
The new small business lending leaders
When it comes to small business lending, CIT ruled the roost for a long time, but its spectacular fall has changed the order. Forbes notes that the lenders' share of Small Business Administration loans fell from 6 percent of the market to 1.1 percent in the first nine months of the year. It's
Another look at CIT
We all assumed that CIT was pretty much cooked--especially after the government decided that it didn't represent a systemic threat and therefore was not worthy of a buyout. But Forbes notes that the story took a few twists and turns. Basically, no one--not the lender or its creditors--liked th
The high cost of the CIT rescue
The private-sector led bailout of CIT will cost the ailing lender. CIT agreed to pay the bondholders who are financing its rescue a 5 percent fee and annual interest of at least 13 percent, according to Bloomberg . Whew! On top of that, the firm also put up assets as collateral worth more than
Can CIT survive?
It was big news when CIT announced it had lined up $3 billion in emergency financing from bondholders. Some may have assumed that meant the historic lender was out of the woods, but that would be a premature conclusion. The first step is a tender offer for outstanding senior notes. If the tender f
More on CIT's core market
CIT is hardly a premiere bank, but it has historically been a big provider of credit to small companies. Unfortunately, as the economy tightened it had to cut back--to the chagrin of small business owners, who could have really used the liquidity.
CIT did more than start-up loans; it extended
CIT to survive?
Just a few days ago, it seemed fait accompli that CIT would fail. The government, after all, had declined requests to save the 101-year-old lender. Essentially the government decided not to double down, having already sunk $2.33 billion into the lender. But over the weekend, the bondholders decide
