Langlui's Big Board and Options Plays

[jigjag]

CIT ~ someone at the NY POST got rich today!

Shares gained 31.7% to $2.20 on the New York Stock Exchange on Tuesday after a report in the New York Post of a possible merger proposal of CIT and privately held mortgage lender IndyMac Federal Bank. Hedge-fund manager John Paulson, who owns CIT bonds and was part of the private-equity and hedge-fund consortium that bought IndyMac earlier this year, was said to have informally proposed a merger between the two, according to the Post report.
A person close to Paulson told Dow Jones Newswires later Tuesday that the report of the Paulson proposal was "way off base." A New York Post editor didn't return a call seeking comment.

Jones NewswiresSeptember 29, 2009 17:46 ET (21:46 GMT)