CIT Group – Trading Halted

The AP reports Trading halted in CIT shares:

Trading in the shares of crippled commercial lender CIT Group Inc. was halted on the New York Stock Exchange late Wednesday afternoon.

A trading halt often occurs when news about a company is about to be released.

Regulators have been poring over the books at New York-based CIT trying to determine which of its assets remain strong enough to secure emergency financing.

The company has been teetering on the brink of a bankruptcy filing as its assets decline in value and a large debt payment looms.

Industry and government officials say representatives from the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. have been meeting to discuss plans for a possible rescue of CIT.

Time for more corporate bailouts. Yipeee!

On a side note: Just as an example, please consider the phoney argument of an “independent” Federal Reserve Bank raised against auditing it in light of what I highlighted above.

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3 thoughts on “CIT Group – Trading Halted”

  1. Another bailout only makes sense … as much as it did to bail out Goldman Sachs that declared a 3 billion profit just yesterday.

    I think we all agree that Henry Paulson should receive a little somethin’ for that. Maybe Bernanke too …

  2. Before I forget … maybe Hank Paulson should even take a shot at running for the next US presidency … together with Bernie Madoff as Vice President.

    For some odd reason all these guys have nicknames. It kind of makes me think why.

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