Small businesses on front line in Obama's jobs fight Nov 9, 2009
And the stakes were made clear last week when CIT, a multi-billion-dollar lender to small and medium-sized companies, filed for bankruptcy. On receiving that news, traders around the world expressed their concern by dumping the dollar, sending the currency plummeting against the euro and yen. (Sydney Morning Herald -- Business)
Deeds recorded in Volusia County Oct. 19-23 Nov 8, 2009
Citimortgage Inc. to Robert R. Grimard, Unit A, Atlantic Villas, $118,900 ... Kathy B. Aldrich, Mason C. Aldrich, CIT Small Business Lending Corp., John Doe, Jane Doe and Diane M. Matousek, clerk, et al, to Gorilla Capital of Volusia County 21 LLC, lot 1, block 1, Unit II, Beacon Woods, $104,083. (Daytona Beach News Journal -- Business)
Failed financial firms: The bust that worked Nov 7, 2009
CIT s bankruptcy fuels the debate about resolving financial failures. CIT might just be that rarest of things: a financial-services firm that emerges from bankruptcy largely intact ... If CIT can persuade the judge to approve its plan, its fate will then rest with its regulators, including the Federal Deposit Insurance Corporation (FDIC). (The Economist)
Asian Stocks Fall, Completing Longest Weekly Losing Streak in Eight Months Nov 7, 2009
20 yen this week, a level not seen since Oct. 14, after the U.S.-based commercial lender CIT Group Inc. filed for bankruptcy. A weaker dollar reduces the value of overseas sales at Japanese companies when converted into their home currency. (Bloomberg -- Asia)
Global equity fund flows turn negative Nov 6, 2009
The bankruptcy of US lender CIT and a rate rise in Australia also discouraged investors. Commodity funds continued to attract money for a ninth straight week, helped by India's $6. (India Times)
Bondholders Extract Revenge on Fee-Hungry Bankers Nov 6, 2009
With bankruptcies rising, the decision may push creditors in other cases -- those of Tribune Co., and CIT Group Inc., for example -- to pursue more aggressively what are called fraudulent conveyance claims ... Citigroup, Wells Fargo ... Banks such as Citigroup, Bank of America and Wells Fargo, as well as other lenders, are appealing the Tousa decision. (Bloomberg -- Columnists)
Loan climate chilling Main Street Nov 5, 2009
Even before small-business lending giant CIT Group filed for bankruptcy last weekend, entrepreneurs and mom-and-pop shops were having a hard time funding their operations ... The downfall of CIT and such regional financiers as San Diego National Bank make it likely that credit will get even tighter. (San Diego Union-Tribune)
A prepackaged pratfall Nov 5, 2009
CIT files for bankruptcy ... CIT, a lender to thousands of small businesses, files for bankruptcy ... CIT, a lender to small and medium-sized businesses, from clothing retailers to Dunkin Donuts franchisees, filed for bankruptcy on Sunday November 1st after failing to garner enough support for a debt-restructuring plan. (The Economist)
Retail faces uncertainty as CIT enters bankruptcy Nov 4, 2009
CIT Group Inc. filed for Chapter 11 bankruptcy protection Sunday in New York after months of struggling to avoid collapse ... CIT stressed that its lending operations will continue to operate as it proceeds through bankruptcy with the hope of shedding $10 billion in debt ... Chairman and CEO Jeffrey M. Peek said the company's prepackaged reorganization plan "will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important... (Madison Daily Leader, SD)
Taxpayers could lose billions in auto bailouts Nov 4, 2009
Customers hold key to CIT's recovery ... CIT Group Inc. is hoping that its case will be different ... But the real test will come from CIT customers, who could decide to take their business elsewhere. (Honolulu Advertiser)
CIT has a fair shot at surviving bankruptcy Nov 3, 2009
CIT Group Inc. is hoping that its case will be different ... But the real test will come from CIT customers, who could decide to take their business elsewhere ... "They have an uphill climb because they are only worth the value of the portfolio," Blum said of CIT's pool of loans it has extended to customers. (San Francisco Chronicle -- Business)
Keep your eyes on Obama Nov 3, 2009
Now, one of those banks, CIT, has gone bankrupt anyway. And, I wonder if Barack Obama is going to throw more money at them that we don't have. (Casper Star-Tribune, WY)
* CIT files for Chapter 11 in New York Nov 3, 2009
CIT files for Chapter 11 in New York. UNCERTAINTY: The filing raises concern over the fate of small businesses, especially retailers, that rely on CIT for loans and are already struggling with tight credit markets AP, WASHINGTON Tuesday, Nov 03, 2009, Page 10 ... After struggling for months to avert bankruptcy, lender CIT Group has filed for bankruptcy protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses. (Taipei Times, Taiwan -- World)
CIT bankruptcy reassigned after recusal Nov 3, 2009
NEW YORK (Reuters) CIT Group Inc's bankruptcy case was reassigned on Monday to U.S. Bankruptcy Judge Allan Gropper following the recusal of Judge Robert Gerber, who had been assigned the case hours earlier ... CIT, a source of financing to about one million small and mid-sized businesses, filed for Chapter 11 protection from creditors on Sunday after gathering support from most of its bondholders for its "prepackaged" reorganization ... CIT said it hopes to emerge from bankruptcy by the end of... (Yahoo News -- Top Stories)
CIT bankruptcy Nov 3, 2009
-- Lender CIT Group filed for Chapter 11 bankruptcy protection in New York on Sunday in an effort to restructure its debt while trying to keep loans flowing to the thousands of midsize and small businesses that rely on the company. CIT said in a statement that its bondholders have overwhelmingly approved a prepackaged reorganization plan that will reduce total debt by $10 billion while allowing the company to continue to do business. (San Francisco Chronicle)
Show Transcript: November 3 Nov 3, 2009
AZUZ: Another story to tell you about, the CIT group ... This doesn't mean that CIT is going out of business ... However, CIT got about $2. (CNN -- US)
Media Literacy Question of the Day Nov 3, 2009
What do you think might be the benefits and drawbacks for the CIT Group of filing for Chapter 11 bankruptcy. . (CNN -- US)
College Basketball Preview - Colonial Athletic Association Nov 3, 2009
Meanwhile, James Madison picked up its first postseason win since 1983 and went all the way to the semifinals of the CIT. Northeastern won its first postseason game since 1984 by advancing to the quarterfinals of the College Basketball Invitational. Hofstra and Drexel finished in the middle of the pack, while the remaining five teams all finished below. (ABC 7 News, DC)
American Railcar: CIT still paying bills Nov 3, 2009
American Railcar: Bankrupt CIT still paying bills - St. Louis Business Journal ... American Railcar: Bankrupt CIT still paying bills ... CIT accounted for 13 percent of American Railcar s revenue in the second quarter ended June 30 and for 53 percent of orders included in American Railcar's backlog of 1,770 railcars as of June 30. (St. Louis Business Journal, MO)
CIT strikes deals in struggle for survival Nov 3, 2009
CIT enters into bankruptcy. CIT, a major lender to small and mid-sized businesses, has filed for bankruptcy ... TROUBLED lender CIT Group has secured several important agreements as it prepares for what it says will be an abbreviated bankruptcy filing to lighten its debt burden. (Sydney Morning Herald -- Business)
CIT Australia's Bondholders Agree to Waive Rights, According to Letter Nov 3, 2009
CIT Australia Bondholders Waive Rights, Letter Shows (Update1) - Bloomberg ... CIT Australia Bondholders Waive Rights, Letter Shows (Update1) ... CIT Australia negotiated certain concessions for investors in its medium-term notes in return for them forbearing from exercising rights associated with the bankruptcy, it said in a letter dated yesterday and signed by Managing Director. (Bloomberg -- Australia & New Zealand)
Full Story » Nov 3, 2009
CIT bankruptcy reassigned after recusal - Yahoo ... CIT bankruptcy reassigned after recusal ... NEW YORK (Reuters) CIT Group Inc's bankruptcy case was reassigned on Monday to U.S. Bankruptcy Judge Allan Gropper following the recusal of Judge Robert Gerber, who had been assigned the case hours earlier. (Yahoo News -- Top Stories)
Commercial lending giant CIT files bankruptcy Nov 3, 2009
NEW YORK - Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses. On Monday, CIT Group Inc's bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co. Gerber, a bankruptcy judge since 2000, is no stranger to large complex cases, having also handled the bankruptcies... (MSNBC -- Business)
India train crash leaves 14 dead Nov 2, 2009
Reports said that the overcrowded passenger train which was heading to the city of Ayodhya collided with a truck carrying sand near Rasoolpur village ... Last month, two passenger trains collided near the city of Mathura in northern India, killing at least 22 people ... Deadly blast hits Pakistan city. (BBC News -- South Asia)
Gold steadies above $1,040/oz Nov 2, 2009
There are views that the dollar will remain bearish in the midterm as no immediate change is likely in US monetary policy given concerns over the financial system, highlighted by news that CIT Group filed for bankruptcy, Kamei said. Buybacks by mining companies to reduce short positions for hedging were also behind gold's resilience, he said. (India Times)
Asia share drop ltd after Wall St hit Nov 2, 2009
Worries about the US financial sector resurfaced after CIT Group Inc, the lender to small and 00004000 mid-sized US companies, filed for bankruptcy and an accounting expert said Citigroup may need further write-downs ... Hedge funds and other players were cited as sellers of emerging market stocks and currencies last week, looking to take profits on their best trades before many funds close their books for the year in November. (India Times)
Nikkei hits 3-week closing low Nov 2, 2009
Tokyo analysts also said that while investors had been spooked by the bankruptcy filing of US lender CIT Group and concerns about Citigroup's balance sheet, these were no longer a major market factor ... "The CIT failure appears much more managed, much more like GM in that way. It's not at all the same thing." ... CIT's bankruptcy, one of the largest in US corporate history, had been widely expected for months, but it could further constrict credit and weigh on the fragile US economy. (India Times)
CIT fall to leave small biz floundering Nov 2, 2009
CIT failure to leave small businesses floundering- International Business-News-The Economic Times ... CIT failure to leave small businesses floundering2 Nov 2009, 0317 hrs IST, REUTERS ... NEW YORK: CIT Group Inc's bankruptcy filing, while long expected, could still trigger a financing crunch for many of the hundreds of thousands of small businesses it finances. (India Times)
Stocks Drop Most in Month on Stronger Yen, Weaker Commodities; Canon Falls Nov 2, 2009
Stocks also fell after CIT Group Inc. filed the biggest bankruptcy claim in the U.S. in more than a year ... New-York based CIT filed for bankruptcy on Nov. 1, with $71 billion in assets and $64 ... 92 billion yen, with a 22 percent drop in sales, citing the yens strengthening and charges related to employees retirement program. (Bloomberg -- Japan)
Global Stocks Slide Ahead of Policy Meetings Nov 2, 2009
News that CIT Group INC, a U.S. lender to hundreds of thousands of small and medium-sized businesses, finally filed for bankruptcy on Sunday, also underscored the continuing fragility of parts of the financial sector. World stocks as measured by MSCI were down 0. (ABC News -- Business)
Asian Stock Markets Slide Amid US Recovery Doubts Nov 2, 2009
Asian stocks retreat after weak US consumer mood, CIT bankruptcy; European markets mixed ... Exacerbating investor worries was U.S. lender CIT Group's bankruptcy filing Sunday, which dragged financials sharply lower across the region ... More bad news followed Sunday with CIT filing for Chapter 11 protection after struggling for months to avert bankruptcy. (ABC News -- Business)
Goodbye to All That Stimulus? Nov 2, 2009
The bankruptcy of CIT Group Inc on Sunday will also feed pessimism about the economy this week, traders said. The century old commercial lender was brought down by the global credit crisis that left it unable to fund itself, while the recession left it with too many bad loans. (ABC News -- Business)
A look at the top 10 US bankruptcies Nov 2, 2009
Retail faces uncertainty as CIT enters bankruptcy ... CIT Group Inc. filed for Chapter 11 bankruptcy protection Sunday in New York after months of struggling to avoid collapse ... CIT stressed that its lending operations will continue to operate as it proceeds through bankruptcy with the hope of shedding $10 billion in debt. (Fresno Bee -- Business)
Did CIT Kill Christmas? Nov 2, 2009
Did CIT Kill Christmas ... Did CIT Kill Christmas ... Did CIT Kill Christmas. (Slate)
Survivor: Icahn Nov 2, 2009
Billionaire sneaks a victory in CIT bankruptcy ... Carl Icahn's victory in the CIT bankruptcy drama is giving him a seat at the table ... "This board stood up and did the right thing, because of Icahn and despite him," said a person close to CIT.. (New York Post -- Business)
CIT files for bankruptcy Nov 2, 2009
The plan has also been approved by CIT's creditors. "The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy," CEO Jeffrey Peek said in a statement ... The company said its operating subsidiaries, including CIT Bank, weren't part of the filing and are expected to continue operating. (Denver Business Journal, CO)
AP News in Brief Nov 2, 2009
CIT Group receives $1 billion loan from Icahn. Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT may soon file for bankruptcy protection ... Icahn also agreed to provide CIT with a $1 billion line of credit. (Fresno Bee -- Nation)
Stanford Grad Gives $33M For Stem Cell Research Nov 2, 2009
When feeding the meter turns into feeding the deficit ... An suicide bomber on a motorcycle has killed at least 30 people outside a bank near Pakistan's capital city, the latest in a string of attacks since the country has gone after militants in a new ... Embattled commercial lender CIT Group has filed for Chapter 11 protection, making it the fifth-largest company to go bankrupt in the country's history, with taxpayers on the hook for $2. (Yahoo News -- Philanthropy and Volunteerism)
Rescues follow Welsh floods Nov 2, 2009
" South Wales Police say they have has some reports of localised flooding, mainly in the Swansea area. Council workers have been unblocking culverts. This photo of flooding in St Clears was taken by Lloyd Rees A number of streets in the Birchgrove area of the city were flooded when a mountain stream became blocked and water was diverted through a housing estate. Paul Miller, a building contractor who has lived in the area all his life, called out a JCB driver who works with him to try to move... (BBC News -- UK)
Police expand search for rapist Nov 2, 2009
Page last updated at 15:22 GMT, Sunday, 1 November 2009. Police have warned anyone who sees Hussain not to approach him. (BBC News -- UK)
Report aims to tackle fire deaths Nov 2, 2009
Deprivation and the number of people living alone will also be cited as reasons for Scotland's high fire death rate ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- UK)
PM urges Afghan corruption effort Nov 2, 2009
Mr Brown was speaking to Mr Karzai after his rival, Abdullah Abdullah, withdrew from the presidential election citing fraud fears. Whether the second round of voting went ahead was up to the independent electoral commission, Mr Brown said. (BBC News -- UK)
Facebook spy Nov 2, 2009
Police are probing claims its agents were complicit in the torture of terrorist suspects overseas, while Parliament's Joint Human Rights Committee has also called for an independent inquiry into a "disturbing number of credible allegations" against agents from both MI6 and domestic security service MI5 ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- UK)
Hundreds at anti-homophobia vigil Nov 2, 2009
More than 1,500 people have attended a candlelit vigil against homophobia held in Liverpool city centre following an attack on a trainee police officer ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- UK)
School places cheating report due Nov 2, 2009
Page last updated at 01:40 GMT, Monday, 2 November 2009. The idea of school choice can make parents feel excluded from some schools. (BBC News -- UK)
Call to cut 'farcical' jail terms Nov 2, 2009
Page last updated at 07:58 GMT, Monday, 2 November 2009. Mr Duncan Smith has been promised a social justice role in government. (BBC News -- UK)
CIT Files for Bankruptcy; U.S. Is Unlikely to Recoup $2.3 Billion Bailout Nov 2, 2009
CIT Group Files Bankruptcy, Seeks to Cut $10 Billion in Debt - Bloomberg ... CIT Group Files Bankruptcy, Seeks to Cut $10 Billion in Debt ... CIT listed $71 billion in assets and $64. (Bloomberg -- US)
Stock Analysts Proving Right on Earnings With Investors Refusing to Agree Nov 2, 2009
New York-based CIT filed for Chapter 11 yesterday with financing from investor after the credit crunch dried up its funding. The markets going to be wary of paying too high a multiple for earnings growth, said , who oversees $151 billion as the New York-based chief investment officer at BNY Mellon Wealth Management. (Bloomberg -- US)
Asian markets tumble on Wall Street loss, US bank failure Nov 2, 2009
" onclick="Next();" src="/images/butt_next (Channelnewsasia.com)
Rand spikes on misprice Nov 2, 2009
"Following the worst day for Wall Street in months on Friday, US small business lender CIT filed for bankruptcy over the weekend in what is one of the largest corporate failures in history. US dollar/rand spiked immediately to 8.25 as trade opened in Asia - but this was a massive overreaction and we should come into regular trade at around 7.90 this morning" they said ... US media reported on Monday morning in Asia that the board of CIT Group Inc, a lender to a multitude of small and mid sized... (iAfrica.com)
South Sudan leader urges split Nov 2, 2009
He said voting for unity with northern Sudan would make southerners "second class citizens" in their own land ... "When you reach your ballot boxes the choice is yours. You want to vote for unity, so that you become a second-class (citizen) in your own country, that is your choice," he told the congregation at St Teresa's Catholic Cathedral in Juba ... Deadly blast hits Pakistan city. (BBC News -- Africa)
Caracas joins border slayings row Nov 2, 2009
He said the men formed part of a "paramilitary infiltration" of Venezuela which was planning to emerge in Caracas and other major cities to destabilise the socialist government of President Hugo Chavez ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- Americas)
Troubled CIT 'gets rescue deal' Nov 2, 2009
Troubled CIT 'gets rescue deal. CIT provides funding for small and medium-sized firms ... Troubled US bank CIT has approved a $3bn (1. (BBC News -- Americas)
Oil bonanza? Nov 2, 2009
But even in the main city Juba - a boom-town filling up with Kenyans, Ugandans and southern Sudanese keen to make a quick dollar - frustration with the south's leaders is widespread ... And when the US announced a new policy on Sudan last month, one of the strategic objectives was to "promote improved governing capacity and greater transparency in southern Sudan". (BBC News -- Africa)
Toll from India oil blaze rises Nov 2, 2009
Dozens of people were injured as a result of the blaze at the depot near the tourist city of Jaipur, which is still reported to be burning ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- South Asia)
Bounties on Taliban leaders Nov 2, 2009
On Wednesday, at least 118 people were killed in a huge explosion at a market in the city of Peshawar. And within hours of the announcement of the awards, at least 15 people were killed in a blast in the city of Rawalpindi ... Deadly blast hits Pakistan city. (BBC News -- South Asia)
Deadly blast hits Pakistan city Nov 2, 2009
At least 30 people have been killed in a suspected suicide bombing in the Pakistani city of Rawalpindi ... CIT Group files for US bankruptcy. (BBC News -- South Asia)
Stock futures signal rebound on Wall Street Nov 2, 2009
The banking sector will be in the spotlight after CIT Group Inc (CIT.N), a U.S. lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession hit its loans ... Comcast Corp (CMCSA.O) and General Electric Co (GE.N) are closer to a deal to give Comcast a 51 percent stake in NBC Universal and a formal announcement may be made in the coming week, the New York Times said, citing... (Yahoo News -- Press Releases)
Iraqi MPs delay election law vote Nov 2, 2009
MPs say the UN has proposed a compromise to the main sticking points - on how candidates are listed on the ballot paper and the distribution of seats in the ethnically divided, oil-rich city of Kirkuk ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- Africa)
Israeli settler held over attacks Nov 2, 2009
During questioning, Mr Teitel confessed to several crimes, saying he had emigrated to Israel to carry out attacks against Palestinians as revenge for suicide bombings which killed Israeli citizens, the added ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- Africa)
US lender CIT declares bankruptcy Nov 2, 2009
WASHINGTON: CIT Group, one of the largest small-business lenders in the United States, filed for bankruptcy Sunday with its board approving a "prepackaged" restructuring plan to shed 10 billion dollars in debt ... "With the overwhelming support of its debt-holders, the board of directors voted to proceed with the prepackaged plan of reorganization for CIT Group Inc and a subsidiary that will restructure the company's debt and streamline its capital structure," the company said in a statement... (India Times, India)
Asian Currencies Weaken, Led by Ringgit, as CIT Failure Curbs Risk-Taking Nov 2, 2009
Asia Currencies Fall, Led by Ringgit; CIT Failure Buoys Dollar - Bloomberg ... Asia Currencies Fall, Led by Ringgit; CIT Failure Buoys Dollar ... Nov. 2 (Bloomberg) -- Malaysias ringgit led declines among Asian on speculation the bankruptcy of U.S. commercial lender CIT Group Inc. will prompt investors to shun riskier assets. (Bloomberg -- Asia)
Gold steadies as euro recovers Nov 2, 2009
There are views that the dollar will remain bearish in the midterm as no immediate change is likely in US monetary policy given concerns over the financial system, highlighted by news that CIT Group filed for bankruptcy, Kamei said ... CitibankClear Platinum. (Sydney Morning Herald -- Business)
Silencing critics Nov 2, 2009
An official from China's consulate in the city called him to "urge" the festival to withdraw a film about the Chinese activist Rebiya Kadeer ... Richard Moore, the Melbourne festival's executive director, said he was astonished to receive the call from the city's Chinese consulate ... The film at the centre of the controversy - called The 10 Conditions of Love - was finally shown at a larger venue, partly because the publicity surrounding the row increased interest. (BBC News -- Asia-Pacific)
Blaze in Philippine slum kills 16 Nov 2, 2009
Eyewitnesses say the fire started in the early hours of the morning in a two-storey boarding house in Bacolod City ... Deadly blast hits Pakistan city ... CIT Group files for US bankruptcy. (BBC News -- Asia-Pacific)
