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The CIT Group, which started out in 1908, financing horse-drawn carriages, survived for a century before sinking into bankruptcy. Full Article at The New York Times
Wire Reports NEW YORK December gain for Dow erased Investors sought safety Tuesday as concerns about spiraling debt loads and disappointing corporate reports tarnished hopes for an economic recovery. Full Article at South Bend Tribune
Jeff Peek, CEO of CIT Group, speaks during the Reuters banking summit in New York, in this March 15, 2006 file photo. View Photo »
The financial industry is still incredibly volatile, as both October and September saw major announcements from leading companies, including JPMorgan Chase, Bank of America and last month’s bankruptcy of CIT Group, which led to the exit of CEO Jeffrey Peek
NEW YORK CIT Group Inc. , one of the nation's biggest lenders to small and mid-sized businesses, said yesterday that a judge approved its reorganization plan and it plans to emerge from bankruptcy protection tomorrow. Full Article at The Honolulu Advertiser
New York -- Investors rushed to safety Tuesday as concerns about spiraling debt loads and disappointing corporate reports tarnished hopes for an economic recovery. Stocks tumbled as investors favored safe-haven assets like the dollar and Treasurys. Full Article at The Springfield News-Leader
NEW YORK One of the nation's biggest lenders to small and midsize businesses plans to emerge from bankruptcy protection Thursday in the wake of a judge approving CIT Group Inc.'s reorganization plan, the company said Tuesday. Full Article at The Shreveport Times
Graphic shows historical stock information for CIT Group Inc. View Photo »
At quarter end, the six largest disclosed long positions in the Partnerships are Arkema, CIT Group debt, Ford Motor Company debt, gold, Lanxess and Pfizer. The Partnerships had an average exposure to equities and fixed income (excluding credit derivatives, gold and foreign currencies) of 99% long and 59...
Few employers plan to ramp up hiring early next year, two surveys show - evidence that the economic recovery isn't likely to create many jobs anytime soon. That will mean fierce competition for job openings that do exist. Full Article at The Clarion-Ledger
NEW YORK - CIT Group, a 101-year-old commercial lender that was battered by subprime mortgages, yesterday won court approval to cancel old shares, shed debt, and exit bankruptcy protection with new stock worth as much $11 billion. Full Article at Boston Globe
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Jeff Peek, CEO of CIT Group, speaks during the Reuters banking summit in New York, in this March 15, 2006 file photo.
View Photo »Graphic shows historical stock information for CIT Group Inc.
View Photo »A building bearing the logo of the CIT Group is seen in New York, Monday, July 20, 2009.
View Photo »A building bearing the logo of the CIT Group is seen in New York, Monday, July 20, 2009.
View Photo »A building bearing the logo of the CIT Group is seen in New York, Monday, July 20, 2009.
View Photo »Chart shows intra-day and historical stock information for CIT Group Inc; compares assests to Lehman Brothers.
View Photo »Morning commuters walk past the CIT Group Inc. building in New York, July 16, 2009. Shares of embattled U.S. lender CIT plummeted and its debt sold off steeply on Thursday on escalating fears about a potential bankruptcy after the company said bailout talks with the government had ended.
View Photo »Morning commuters walk past the CIT Group Inc. building in New York, July 16, 2009. Shares of embattled U.S. lender CIT plummeted and its debt sold off steeply on Thursday on escalating fears about a potential bankruptcy after the company said bailout talks with the government had ended.
View Photo »Pedestrians walk by the CIT offices in New York in this July 13, 2009 file photo.
View Photo »NEW YORK - JULY 16: People walk by the CIT Group headquarters July 16, 2009 in New York City. U.S. lender CIT Group said bailout discussions with the government have ended sparking concerns the company could go bankrupt.
View Photo »NEW YORK - JULY 16: People walk by the CIT Group headquarters July 16, 2009 in New York City. U.S. lender CIT Group said bailout discussions with the government have ended sparking concerns the company could go bankrupt.
View Photo »NEW YORK - JULY 16: The logo to the CIT Group headquarters is displayed July 16, 2009 in New York City. U.S. lender CIT Group said bailout discussions with the government have ended sparking concerns the company could go bankrupt.
View Photo »NEW YORK - JULY 16: The logo to the CIT Group headquarters is displayed July 16, 2009 in New York City. U.S. lender CIT Group said bailout discussions with the government have ended sparking concerns the company could go bankrupt.
View Photo »A pedestrian past the the CIT Group Inc. building in New York, Wednesday July 15, 2009. The Obama administration drew a line in the sand on financial bailouts Wednesday by denying emergency aid to CIT Group Inc. , a struggling commercial lender on the brink of bankruptcy.
View Photo »A pedestrian past the the CIT Group Inc. building in New York, Wednesday July 16, 2009. The Obama administration drew a line in the sand on financial bailouts Wednesday by denying emergency aid to CIT Group Inc. , a struggling commercial lender on the brink of bankruptcy.
View Photo »RETRANSMISSION TO CORRECT DATE ** Pedestrians past the the CIT Group Inc. building in New York, Wednesday July 15, 2009.
View Photo »Pedestrians past the the CIT Group Inc. building in New York, Wednesday July 16, 2009. The Obama administration drew a line in the sand on financial bailouts Wednesday by denying emergency aid to CIT Group Inc. , a struggling commercial lender on the brink of bankruptcy.
View Photo »Pedestrians past the the CIT Group Inc. building in New York, Wednesday July 15, 2009. Trading in the shares of the commercial lender has been halted while regulators pore over its books.
View Photo »Pedestrians past the the CIT Group Inc. building in New York, Wednesday July 16, 2009. Trading in the shares of the commercial lender has been halted while regulators pore over its books.
View Photo »The CIT Group Inc. building in New York, Wednesday July 15, 2009. Trading in the shares of the commercial lender has been halted while regulators pore over its books.
View Photo »The CIT Group Inc. building in New York, Wednesday July 16, 2009. Trading in the shares of the commercial lender has been halted while regulators pore over its books.
View Photo »Honorees John Daly, President of Trade Finance at CIT Group; Andrew Hall, President and CEO of Stage Stores; and Gary Simmons, CEO of Gerber Childrenswear LLC are shown at the November 4th K.I.D.S. and Fashion Delivers Annual Gala in New York City. Photo: Randy Brooke.
View Photo »NEW YORK - NOVEMBER 02: People walk by the headquarters of CIT Group on November 2, 2009 in New York City. The 101-year-old financial lender filed for a pre-packaged bankruptcy plan on November 1.
View Photo »NEW YORK - NOVEMBER 02: People walk by the headquarters of CIT Group on November 2, 2009 in New York City. The 101-year-old financial lender filed for a pre-packaged bankruptcy plan on November 1.
View Photo »NEW YORK - NOVEMBER 02: People walk by the headquarters of CIT Group on November 2, 2009 in New York City. The 101-year-old financial lender filed for a pre-packaged bankruptcy plan on November 1.
View Photo »The financial industry is still incredibly volatile, as both October and September saw major announcements from leading companies, including JPMorgan Chase, Bank of America and last month’s bankruptcy of CIT Group, which led to the exit of CEO Jeffrey Peek
At quarter end, the six largest disclosed long positions in the Partnerships are Arkema, CIT Group debt, Ford Motor Company debt, gold, Lanxess and Pfizer. The Partnerships had an average exposure to equities and fixed income (excluding credit derivatives, gold and foreign currencies) of 99% long and 59...
The CIT Group news is certainly going to extend this round of yen strength for another two or three weeks
Fannie Mae, Freddie Mac and CIT Group are going to double digits on the heels of a ‘V’ recovery in housing. And they have huge short positions. The government is saving everybody. You can’t lose.
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