CIT

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.

A deep recession isn't a great time to be in the business of lending to entrepreneurs. First CIT Group had to seek bankruptcy protection last month when it failed to strike a deal with bondholders to rework its debt. And now Advanta (ADVNB), a credit-card company specializing in lending to...

Small-business lender CIT Group Inc. has filed for Chapter 11 bankruptcy in the fifth-largest corporate bankruptcy in U.S. history. The beleaguered company, which had its roots in basic, no-frills loans to fast-food restaurants, clothing stores and the like, ran into trouble after a former...

Billionaire financier Carl Icahn pulled no punches on Monday in a scathing open letter to the board of CIT Group (CIT). The foundering century-old lender "shamelessly" offered to sell big bondholders $6 billion in loans to the company at "well below fair market value," all to the detriment of...

Billionaire investor Carl Icahn offered a $6 billion lifeline to struggling lender CIT Group Inc. (CIT). In a letter Monday to CIT's board of directors, Icahn said he would give the company the loan to replace a debt restructuring plan CIT has submitted to its bondholders for approval. Icahn, who...

CIT Group (CIT) shareholders have had a wild ride for the last five months. They've had to deal with concerns about bankruptcy, threats from its bondholders and plans for the firm's future as the CEO announced he was stepping down. CIT stock traded near $4 in early June. Since then, it dropped to...

CIT Group (CIT) chairman and CEO Jeffrey Peek announced today that he plans to retire on December 31. The announcement comes right in the middle of closed-door negotiations as CIT tries to get bondholders to accept a massive debt swap or a prepackaged bankruptcy. If both options fail, CIT will head...

Goldman Sachs Group (GS) doesn't provide much detail on how it racks up billions of trading profits every quarter. But if you look at how it made out on American International Group's (AIG) failure -- a $12.9 billion check from taxpayers -- you start to get the idea. Goldman has engineered the...

After rumors were publicized Tuesday in The New York Post that CIT's (CIT) creditors, including John Paulson & Co, were considering a merger of CIT into IndyMac, its stock shot up on the hope that a rescue plan was in place. Wednesday morning, The Wall Street Journal killed any remaining hopes...

It is extraordinary how fast investors can lose money in the market on bets gone wrong. During yesterday's trading CIT Group (CIT) shares moved up by nearly 40 percent, buoyed by an article in The New York Post saying investor John Paulson might put the financial company together with IndyMac,...