CIT is likely to go under - will be the biggest bank failure since WAMU

[TwixVoy]

For those not paying attention to what is going on with the banks.... CIT Group has just recently hired a bankruptcy advisor. (the same that handled the Circuit City BK)

It is possibly that CIT Group will go under by the end of this year. If so it may be part of a new wave of mega financial failures.

CIT Group is heavy in commerical lending.

http://finance.yahoo.com/news/CIT-Group-said-to-hire-apf-979978741.html?x=0&.v=8

[elleng]

1. Distinct from CITIGroup

http://www.citigroup.com/citi/homepage/

This is CIT:

http://www.cit.com/index.htm

[ColbertWatcher]

2. All that means is Arabs will just buy more shares ...

http://www.nytimes.com/2007/11/27/business/27citi.html

[TwixVoy]

3. I really wish people would do their homework

That article is about Citi. CIT GROUP is an entirely different entity not affiliated with Citi.

[ColbertWatcher]

5. I really wish if you were trying to say something you'd just come out and say it.

If you're trying to say I'm not being attentive, then why not say it?

[Mind_your_head]

7. Corporate "people" (who, of course, aren't really PEOPLE)

confuse those of us "un-lawyerly" types who don't understand all the nuances/stock exchange mumbo-jumbo. For example:

CIT GROUP is different/not affiliated with Citi

WHO would *know* that :shrug: (seems logical that they would be related at least) unless one paid VERY close attention to the lawyerly dealing/relationships? I guess that's how/why the corporations are getting away with ROBBING US ALL BLIND!

[Froward69]

4. I jumped from

citi a year ago when they started sending me bills the were not the same amounts... every month they crept higher.

[aquart]

6. "Commercial lending"? "Small and medium business" lending.

Am I wrong in thinking this will be devastating?

[Hannah Bell]

8. well, here's some dish on the ceo's wife:

Yesterday we heard from the "Ex-Mrs. Hedgefunds," a group of women who haven't been left by their hedge fund husbands but rather their hedge fund husband's money, forcing them to cut back (to an extent, though not really at all), due to unprecedented market volatility. Today's sob story is about a seemingly anonymous "Bailout CEO Wife."

Reading about the ways this woman has had to demean herself on account of her husband's firm taking TARP money is almost too much to bear. First off, a new spring wardrobe is out of the question. Second there's the matter of not looking like she and the husb are lavishly spending after taking taxpayer dollars, meaning they're forced to show up to black tie events late so as to avoid photographers, and you know how much not having your picture taking has got to hurt. To that end, dining at lavish restaurants every night of the week is out and-- and prepare yourselves for this one 'cause it's really bad-- TARP Wife has actually had to start cooking. And, sickeningly, the couple now flies commercial, among the untouchables, i.e. poors, i.e. general public. Above all, TARP Wife's most important new role is not fucking shit up for her husband worse than he's already got it, and that means avoiding bad press by keeping hers and their collective head down...

...Jessica Pressler over at Daily Intel did the math and is pretty sure Mrs. TARP is Liz Peck, wife of Jeffrey Peek, Chairman and CEO of CIT.

http://dealbreaker.com/2009/04/please-pity-jeffrey-peeks-wife.php