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CIT Group

CIT Group (CIT) reported that net earnings for the second quarter jumped to $142.1 million, or 71 cents per diluted share, from $97.3 million, or 49 cents per diluted share, in the previous quarter. Net income rose thanks to gains on sales of assets and recoveries of pre-FSA (fresh start...
Share in financial services company MBIA are up more than 10% in pre-market trading after Fairholme Capital Management, the investment firm headed by Bruce Berkowitz, disclosed that it had purchased an 11.1% stake in MBIA, the world's largest bond insurer.
As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its TARP investments have turned out to be a bust -- and there are signs of more trouble ahead.
The following is a round-up of news likely to affect stock prices today: Ford Motor Co. (F) said Tuesday it earned $2.1 billion, or 50 cents a share in the first quarter, compared to a loss of $1.4 billion, or 60 cents per share, in last year's quarter. Analysts had expected earnings of 32 cents...
Among the stocks that could shape Wednesday's trading session are two companies in dire financial shape. Struggling video rental chain Blockbuster has said for the first time that it may need to file for bankruptcy protection. Meanwhile, trucking firm YRC Worldwide said its auditor has raised doubts about its ability to operate as a "going concern."
Business lender CIT Group, whose bankruptcy cost the taxpayers $2.3 billion in TARP money, has picked as its new CEO the man who got the boot from Merrill Lynch after approving huge bonuses for executives as his company lost billions. Can they find redemption together?
The following is a round-up of news likely to affect stock prices today: CIT Group Inc. (CIT), one of the nation's largest lenders to small and mid-sized businesses, appointed former Merrill Lynch CEO John Thain as chairman and CEO. According to The Wall Street Journal, Thain will make a...
It's official. After numerous reports that he was a leading candidate, former Merrill Lynch CEO John Thain clinches the top job at struggling lender CIT. CIT ran into trouble a year ago as its investment in subprime mortgage paper and other derivatives damaged the value of its balance sheet so badly that it had to file for Chapter 11 bankruptcy in November. According to The Wall Street Journal, Thain will make a $500,000 base salary and receive $5.5 million in restricted stock, when valued at today's share price.
John Thain, the former CEO of Merrill Lynch and NYSE Euronext is the top candidate for the CEO job at CIT despite his tarnished reputation.
Ford Motor Co. (F) is no doubt this morning's story. The automaker, the only one of the Big Three American car manufacturers that didn't take a direct government bailout and stayed out of bankruptcy protection, reported a surprising $1 billion profit Monday morning. Ford reported net income of $997...
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