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06:03 PM
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!!!!!!!!!!!!! CIT HALTED !!!!!!!!!!!!!!! *** BANKRUPTCY by Sunday ***
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[quote:GlassPearls:MV85MTIwMjZfMTQxMTg4OTVfNzdGNDc3NUQ=] [quote:HTCWiz] CIT, Goldman reach agreement Posted on October 30, 2009 12:33 PM Struggling [u]commercial lender[/u] CIT Group Inc. said Friday that it reached a deal with [b]Goldman Sachs Group Inc. to reduce a $3 billion line of credit to $2.13 billion and also keep it open, under certain circumstances, should CIT file for bankruptcy.[/b] New York-based CIT paid Goldman a $285 million termination fee for reducing the facility, according to a filing with the Securities and Exchange Commission. The agreement eliminates the unused portion of the credit line, and CIT put up $250 million of extra collateral, the company said. http://www.thedeal.com/dealscape/2009/10/cit_goldman_reach_agreement.php [/quote] This is total bullshit. GS should be barred from any involvement in this. "Certain conditions", eh? If you listen hard enough, CxOs all across America are holding emergency meetings right about now. They're likely screwed as loans on their receivables start drying up. Well, the doomers finally got their wish. [/quote]
Original Message
Link pending.
UPDATE 1: CNBC cable news reporting that CIT bankruptcy is certain. Estimated to take 60-90 days to sort out.
UPDATE 2: A link for the lazy ass who can't spell. Here I'll "dive" you this: [
link to www.cnbc.com
]
PLEASE NOTE:
CIT
is not
Citi. They are two different companies. The former is America's largest lender to small and medium sized businesses. The latter is a financial conglomerate.
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