Title: America's Biggest Small Business Lender Failing
Pats&Sox - July 17, 2009 11:08 AM (GMT)
CIT Group Inc. is continuing talks with potential lenders to secure billions in much-needed financing and stay out of bankruptcy court after the federal government declined to extend emergency aid to the troubled commercial lender.
CIT shares lost three-quarters of their value Thursday as bondholders made a last-ditch effort to prevent a Chapter 11 filing. CIT is trying to line up $2 billion to $4 billion in rescue financing from its debtholders within the next 24 hours, two sources familiar with the talks told The Associated Press. They requested anonymity because they weren't authorized to speak publicly.
But there is no guarantee bondholders will be able to save the ailing company, which teeters on the brink after rescue talks with regulators broke off late Wednesday after days of round-the-clock negotations. The New York-based bank, one of the nation's largest lenders to small and mid-sized businesses, faces $7.4 billion in debt that's due in the first quarter of next year.
CIT, which got $2.3 billion of bailout money in December, had warned that depriving it of more federal aid could imperil about a million corporate borrowers — from Dunkin' Donuts franchisees to retailer Dillards Inc. But the Obama administration turned down the company's request, showing it's drawing a line in the sand on federal rescues for troubled financial firms.
http://abcnews.go.com/Business/wireStory?id=8106327 anditsgood - July 17, 2009 11:45 AM (GMT)
why does obama hates businesses?
Pats&Sox - July 18, 2009 02:05 AM (GMT)
| QUOTE (anditsgood @ Jul 17 2009, 04:45 AM) |
| why does obama hates businesses? |
advocating another Bush-esque bailout, AiG?
ChampsX5 - July 18, 2009 03:08 AM (GMT)
| QUOTE (Pats&Sox @ Jul 17 2009, 09:05 PM) |
| advocating another Bush-esque bailout, AiG? |
So are you against bailouts or just against "Bush" bailouts?
Pats&Sox - July 18, 2009 03:21 AM (GMT)
| QUOTE (ChampsX5 @ Jul 17 2009, 08:08 PM) |
| So are you against bailouts or just against "Bush" bailouts? |
advocating another Bush-esque bailout, Champ?
anditsgood - July 18, 2009 11:18 AM (GMT)
| QUOTE (Pats&Sox @ Jul 17 2009, 09:05 PM) |
| advocating another Bush-esque bailout, AiG? |
seeming bush only spent 1/2 of the bail out and obama the other, while obama spent an additional 1T dollars on top of the 375M he was left with.....
anditsgood - July 18, 2009 11:19 AM (GMT)
| QUOTE (Pats&Sox @ Jul 17 2009, 10:21 PM) |
| advocating another Bush-esque bailout, Champ? |
so the money obama used is ok but what bush did is wrong?
no one in particular - July 18, 2009 08:19 PM (GMT)
| QUOTE (anditsgood @ Jul 18 2009, 07:18 AM) |
| seeming bush only spent 1/2 of the bail out and obama the other, while obama spent an additional 1T dollars on top of the 375M he was left with..... |
be certain that you ignore the other $trillions spent by Bush. Or given away to the private sector.
anditsgood - July 18, 2009 08:53 PM (GMT)
| QUOTE (no one in particular @ Jul 18 2009, 03:19 PM) |
| be certain that you ignore the other $trillions spent by Bush. Or given away to the private sector. |
and just think, obama is doing in 6 months what bush had done in 8 years
be proud.
as long as its your guy, i guess its ok.
;)
ChampsX5 - July 18, 2009 10:34 PM (GMT)
| QUOTE (Pats&Sox @ Jul 17 2009, 10:21 PM) |
| advocating another Bush-esque bailout, Champ? |
Are you accusing me of being in favor of the Bush (misnomer) bailout?
DR_PostingBillboard - July 18, 2009 11:30 PM (GMT)
I'm not for any bailouts, but it is amusing to me that this administration was for bailing out politically connected banks that in liberal minds, caused the problem, but when it comes to the banks who didn't cause the problem, they turn their nose up...