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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: CIT Group

CIT Group stories: 8 news summaries

46 Bailed-Out Firms Behind on Repaying US

CIT bankruptcy will cost taxpayers $2.3B

Nov 16, 09 7:38 AM CST
(Newser) - A whopping 46 of the banks the government bailed out last year are behind on their payments, with some going belly-up despite the rescue. The largest so far, CIT Group, is in bankruptcy court today hoping to wipe out the $2.3 billion it owes Uncle Sam, and analysts tell... More »

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General Motors • Wall Street bailout • TARP • CIT Group

 Mega-Lender CIT 
 Files Chapter 11 

Bailed-out firm's move will cost government $2.3B

Nov 1, 09 4:43 PM CST
(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71... More »

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Carl Icahn • bankruptcy • bailout • Chapter 11 • Troubled Asset Relief Program • Wall Street bailout • TARP • Jeffrey Peek • bankruptcy protection • CIT Group

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

Oct 5, 09 4:29 AM CDT
(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it... More »

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Goldman Sachs • bankruptcy • risk management • bailout • Chapter 11 • credit default swap • CIT Group

MARKETS

 Dow Ends 4-Day Run, Dips 39 

Financials rally against broader slump

Aug 5, 09 3:15 PM CDT
(Newser) - Stocks fell today on dour data, though some financial firms rallied against the broader slump, the Wall Street Journal reports. The private sector lost 371,000 jobs in July, and the Institute for Supply Management’s index of non-manufacturing activity fell to 46.4 from 47.0 in June. Nonetheless,... More »

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Dow Jones • unemployment • Nasdaq • AIG • S&P 500 • CIT Group

UPDATED

CIT Strikes $3B Deal,
Averting Bankruptcy


Jul 19, 09 10:46 PM CDT
(Newser) - CIT Group Inc. has made a deal for a $3 billion rescue package from bondholders to stay afloat, Reuters reports. The board of the lender, which was facing bankruptcy, struck a tentative agreement tonight. It includes high interest rates and apparently lacks long-term solutions, reports the Wall Street Journal. But... More »

MORE ABOUT:
bankruptcy • bondholder • lenders • CIT Group

MARKETS

 Dow Up 96 Despite CIT Woes 

Rally extends into 4th day on Roubini comments, tech optimism

Jul 16, 09 3:16 PM CDT
(Newser) - Stocks gained today as the tech sector continued to inspire and economist Nouriel Roubini predicted a recovery in late 2009, the Wall Street Journal reports. Though the looming bankruptcy of CIT Group depressed stocks most of the day, financials were able to trim losses before the close. The Dow rose... More »

MORE ABOUT:
stock market • Dow Jones • recession • Nasdaq • tech sector • S&P 500 • financial crisis • Nouriel Roubini • CIT Group

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

Jul 16, 09 2:47 AM CDT
(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and... More »

MORE ABOUT:
bankruptcy • Treasury Department • bailout • financial crisis • TARP • lenders • CIT Group

(Newser) - One of America's biggest commercial lenders is preparing to file for bankruptcy, the Wall Street Journal reports. CIT Group, which lends to about a million small and medium-sized businesses, probably won't be able to make a $1 billion payment due in August and has hired bankruptcy counsel. In the meantime,... More »

MORE ABOUT:
bankruptcy • commercial paper • FDIC • TARP • lenders • CIT Group

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