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peaceandlove · 11-01-2009, 10:05 PM

CIT preparing to seek Chapter 11 bankruptcy protection as early as Sunday

Filing could wipe out U.S. stake and have broad ripple effect

By Tomoeh Murakami Tse
Washington Post Staff Writer
Saturday, October 31, 2009

NEW YORK -- CIT Group, a major lender to small businesses, is preparing to file for Chapter 11 bankruptcy protection as early as this weekend, sources familiar with the matter said Friday, which would likely wipe out the federal government's $2.3 billion stake in the company.

A CIT bankruptcy filing would be one of the largest in U.S. history, with potentially broad ripple effects. The firm provides loans to about 1 million companies, including many already struggling in the economic downturn.

Continues: http://www.washingtonpost.com/wp-dyn...d=sec-business

Don't Panic! 2 Days Until collapse?

Nov 1, 2009 - recorded 17:00 GMT

Fever I AM Commentary

Swine Flu first and then CIT information.

Youtube Channel: http://www.youtube.com/user/FeverIAm

VIDEO (10:17):

11-01-2009, 10:05 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	CIT Preparing to Seek Chapter 11 Bankruptcy & Don't Panic! 2 Days Until Collapse? CIT preparing to seek Chapter 11 bankruptcy protection as early as Sunday Filing could wipe out U.S. stake and have broad ripple effect By Tomoeh Murakami Tse Washington Post Staff Writer Saturday, October 31, 2009 NEW YORK -- CIT Group, a major lender to small businesses, is preparing to file for Chapter 11 bankruptcy protection as early as this weekend, sources familiar with the matter said Friday, which would likely wipe out the federal government's $2.3 billion stake in the company. A CIT bankruptcy filing would be one of the largest in U.S. history, with potentially broad ripple effects. The firm provides loans to about 1 million companies, including many already struggling in the economic downturn. Continues: http://www.washingtonpost.com/wp-dyn...d=sec-business Don't Panic! 2 Days Until collapse? Nov 1, 2009 - recorded 17:00 GMT Fever I AM Commentary Swine Flu first and then CIT information. Youtube Channel: http://www.youtube.com/user/FeverIAm VIDEO (10:17): Last edited by peaceandlove; 11-02-2009 at 06:21 PM.