BK it, and divide up loans to vultures. Can we once have the idiot shareholders and bondholders take a hit?
Yawn, expect it to go down 60% or so when it opens and then rocket up 30%+ the day after tomorrow. Rinse and repeat on all these crap bankrupt penny stocks.
This article says they could file as early as tomorrow morning. http://finance.yahoo.com/news/Refus...tml?x=0&sec=topStories&pos=main&asset=&ccode= Not to turn too political, but wouldn't you think if they went out and market took a dive, the administration would lose some political capital? I wonder if they are calling JPM GS BAC for a buy under. Although I'm pretty sure BAC has unplugged their government phone. I like free market and CIT going away, I'm wondering if it's possible. Do you think treasury are up all night tonight, or are the lights out?
Initial yawn, but this will effect the Financials, and I would expect DOW as a whole to retrace 200 points tomorrow.
not by morning, but tonight! just curious-how do you file for bankruptcy on middle of the night? specially, when bunch of their bonds are due TODAY. Lehman did exactly same s*t,and they did file ON maturity date what a bunch of shameless mofos
CIT Annual report 2006. 2006 was a terrific year as we gained momentum in becoming the global finance leader in the mid- dle market. We delivered solid financial results highlighted by strong top-line growth, exceptional credit quality and a double-digit increase in EPS. Moreover, we made significant progress strength- ening our global franchise and positioning our- selves for future growth. One year later (2007 AR) Two thousand and seven was an extremely challenging year for financial institutions and it proved to be oneof the most difficult in CITâs 100-year history. Ourperfor- mance was adversely affected by the downturn in the housing market, the legislative changes surrounding education lending and the tightening of the capital markets. Despite these setbacks, which resulted in a net loss of $111.0 million for our company and a 57% decline in our share price, we are a resilient company focused on building value for our share- holders, our customers and our employees. We have demonstrated this resiliency time and again over the past century, as we navigated successfully through more than 19 business cycles since our founding in 1908. And then 2008 This past year was one of the most challenging periods in our 100-year history. The financial markets underwent major disrup- tions that tested the resolve and resiliency of every participant, including CIT. While the near- term prospects for the economy remain unclear at best, what is clear is that we entered 2009 as a well-capitalized bank holding company with leading market positions and unparalleled industry expertise. During 2008 we took significant steps to position CIT for long-term success and to capitalize on what I believe will be strong opportunities once the business environment improves.companies. These two sectors are the backbone of the U.S. economy and will undoubtedly lead the way to economic recovery. We stood by our clients during this difficult period, as we have for more than a century spanning 19 business cycles. In part as a result of this steadfastness, our Trade Finance and Transportation Finance segments earned double-digit returns. Our Corporate Finance segment, however, was impacted by weakening economic conditions and rising credit costs, which resulted in the need to increase reserves. In Vendor Finance, we made progress on our pledge to bring this business back to profitability, and we intend to restore this franchise to acceptable earnings and returns. Looking ahead, we expect 2009 to be very challenging. We will continue to be prudent in managing our capital,
this statement above looks like forex traders stories..it's what will happens to you, when you use to much leverage.
The entire US economy was one big leveraged scam. And now these firms are falling like dominoes. I see more big failures looming and S&P revisiting the 600 range.
Futures look bad Look at this green shoot crook of Sh*t "Denial of CIT bailout unlikely to rattle markets" http://finance.yahoo.com/news/Denia...tml?x=0&sec=topStories&pos=main&asset=&ccode= I'm not trying to be pessimistic, Im long tech and financials. I'm in for some pain tomorrow. This article makes no sense as i sit here watching the futures bleed. Asian markets coming off their highs