CIT Group, Inc. New Common (CIT)

[marayatano]

CIT management scammed everyone and helped the big boys out and left the bag holders.

That is why when they got their $3 billion bailout they immediately transferred $1 billion to the financing unit for operations/funding.

They also said that int he event CIT files BK, the financing unit will be operating outside of BK. That is why they sent the money there.

It seems to be their intention all along. Wipe-out shareholders and almost eliminate debt so someone like One West can come in and take over CIT with less liabilities.


IMO.

Good night.