why give them a second bailout? So they can just come back for more 6 months later and drain the tax payers money? Out with the old, in with the new it's called evolution.
CIT's Woes Substantial; Solutions Unworkable; Source -Reuters 9 minutes ago - Dow Jones Newswires DOW JONES NEWSWIRES
CIT Group's (CIT) difficulties were too substantial to the point where solutions were unworkable, Reuters reported late Wednesday, citing an unnamed U.S. Treasury Department official.
The official told Reuters that bankruptcy wasn't the only outcome for CIT Group Inc., and other restructuring options were possible. Other financial institutions received government aid because they had showed they could raise private capital, the Treasury official said, according to Reuters.
CIT has been advised not to expect government aid.
The struggling commercial lender is facing a worsening liquidity crisis after its customers drew down hundreds of millions of dollars from their credit lines. It said discussions with government agencies have ended and that its board is evaluating alternatives for the company.
Drawdowns were about $500 million on Monday and by Tuesday had risen to around $750 million, according to the Wall Street Journal.
Reuters Web site: www.reuters.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=jGQaC18eSdG0KbZ%2F4tbO8g%3D%3D. You can use this link on the day this article is published and the following day.
News 
Market Data 
Discover 
AI
