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| | |-+  Commercial banking giant CIT files for Chapter 11 bankruptcy protection~!!!!		 « previous next »
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Author Topic: Commercial banking giant CIT files for Chapter 11 bankruptcy protection~!!!!  (Read 3569 times)
MooreTime
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« on: November 01, 2009, 04:05:15 PM »
ON MSNBC~!
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Pegasus
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« Reply #1 on: November 01, 2009, 04:05:18 PM »
No links yet, its buzzing about.
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MooreTime
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« Reply #2 on: November 01, 2009, 04:06:34 PM »
let me know if you find any links!!!
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MooreTime
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« Reply #3 on: November 01, 2009, 04:07:45 PM »
ok srry removed the linn
« Last Edit: November 01, 2009, 04:14:05 PM by MooreTime » Logged
Pegasus
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« Reply #4 on: November 01, 2009, 04:08:03 PM »
Ah and this ties in...

By Robert Daniel

TEL AVIV (MarketWatch) -- If CIT Group files to reorganize under Chapter 11 of U.S. bankruptcy law, Goldman Sachs could receive a $1 billion payment because of the structure of a $3 billion rescue financing that Goldman had arranged for the New York commercial lender, people familiar with the matter told the Financial Times. U.S. taxpayers, on the other hand, stand to lose $2.3 billion, the value of the CIT preferred shares that the U.S. Treasury purchased, the newspaper reported on Monday. Such a loss for taxpayers would be the biggest so far from the government's capital plan for the banks, the FT reported. CIT is working to avert a bankruptcy-law filing, aiming for a debt-swap offer that would leave equity holders with little value, the FT reported
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picasso moon
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« Reply #5 on: November 01, 2009, 04:09:10 PM »
Here's a link:
http://dealbook.blogs.nytimes.com/2009/11/01/cit-to-file-for-bankruptcy-soon/?hp
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MooreTime
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« Reply #6 on: November 01, 2009, 04:09:34 PM »
I wonder what this means for monday...and onwards?
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cz
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« Reply #7 on: November 01, 2009, 04:13:09 PM »
Actually, MooreTime - that link needs to go.  Its that unfriendly Asinine Press thing.

Y'know, what amazes me is that they said this means $2.3bil of govt "preferred stock" gets wiped out - Imagine how many people $2.3bil would have helped if we sank that into people's mortgages, instead of into Wall Street?  How much $more to follow?
« Last Edit: November 01, 2009, 04:16:01 PM by cz » Logged
Ty Fjoyd
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« Reply #8 on: November 01, 2009, 04:22:05 PM »
Reuters

NEW YORK (Reuters) - CIT Group Inc filed for bankruptcy protection on Sunday, and its creditors have already approved the commercial lender's reorganization plan.
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MooreTime
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« Reply #9 on: November 01, 2009, 04:25:20 PM »
Here is CIT group's wikipedia:
they lend to over a million businesses

http://en.wikipedia.org/wiki/CIT_Group
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TheDignityofStruggle
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« Reply #10 on: November 01, 2009, 04:27:54 PM »
Tomorrow's Dow watch thread should be a fun one. 
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Ty Fjoyd
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« Reply #11 on: November 01, 2009, 04:32:37 PM »
Quote from: TheDignityofStruggle on November 01, 2009, 04:27:54 PM
Tomorrow's Dow watch thread should be a fun one. 

November will be a very interesting month.
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Pegasus
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« Reply #12 on: November 01, 2009, 04:40:51 PM »
They were going to do it last Sunday but they didn't want to +1 for the webbot.
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MooreTime
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« Reply #13 on: November 01, 2009, 04:42:26 PM »
Quote from: Pegasus on November 01, 2009, 04:40:51 PM
They were going to do it last Sunday but they didn't want to +1 for the webbot.

lol

but on a serious note this is the 4th largest U.S. Bankruptcy
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Ty Fjoyd
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« Reply #14 on: November 01, 2009, 04:49:56 PM »
Quote from: MooreTime on November 01, 2009, 04:42:26 PM
Quote from: Pegasus on November 01, 2009, 04:40:51 PM
They were going to do it last Sunday but they didn't want to +1 for the webbot.

lol

but on a serious note this is the 4th largest U.S. Bankruptcy

Which means CIT's bankruptcy will be larger than GM's (GM is currently #4).
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