CIT Group

9 Stories

Axed Merrill Boss Tapped to Head CIT

Spendthrift John Thain gets hands on new troubled company

(Newser) - The CEO who spent $1.2 million renovating his office and arranged $3.6 billion in executive bonuses while his company, Merrill Lynch, was circling the toilet bowl, has just been named CEO of CIT Group. John Thain rises to the top of a public company again a year after... More »

46 Bailed-Out Firms Behind on Repaying US

CIT bankruptcy will cost taxpayers $2.3B

(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 »

Mega-Lender CIT Files Chapter 11

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

(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 »

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

Taxpayers shares could go up in smoke while Goldman gains

(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 »

Dow Ends 4-Day Run, Dips 39

Financials rally against broader slump

(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 »

CIT Strikes $3B Deal, Averting Bankruptcy

(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 »

Dow Up 96 Despite CIT Woes

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

(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 »

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

(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 »

Major Small-Business Lender Faces Bankruptcy

(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 »

9 Stories