U.S. Debates Fate of CIT, a Small-Business Lender

Started by stevejhx

almost 17 years ago

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The CIT Group is one of the nation’s biggest lenders to small businesses. But a debate is swirling in Washington over whether it is large enough — or important enough — to save. Regulators and company officials on Monday grappled with whether the New York-based lender should receive more government help, or whether the 101-year-old company, which has already received a $2.33 billion taxpayer lifeline, should be left to go it alone, even if that means its demise. http://www.nytimes.com/2009/07/14/business/14cit.html?ref=business One more NYC bank bites the dust.

Response by CHeston

almost 17 years ago

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Response by Novel09

almost 17 years ago

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CIT shares rally as firm seeks federal aid
By STEVENSON JACOBS and DANIEL WAGNER %u2013 1 hour ago

NEW YORK (AP) %u2014 Shares of CIT Group Inc. rebounded Tuesday amid optimism that the top lender to small and mid-sized U.S. businesses may get a lifeline from the federal government.

The company's shares rose more than 22 percent in premarket trading Tuesday, gaining 30 cents to $1.65 after falling to a 52-week low of $1.08 during Monday's trading session.

CIT is holding advanced talks with the government about receiving emergency federal assistance, officials said Monday.

U.S. Debates Fate of CIT, a Small-Business Lender

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