Comments on: Is CIT Bankrupt Yet? http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 21 Nov 2009 22:27:20 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: CIT Bankruptcy Likely | The Big Picture http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-194141 CIT Bankruptcy Likely | The Big Picture Thu, 16 Jul 2009 02:38:20 +0000 http://www.ritholtz.com/blog/?p=32039#comment-194141 [...] noted earlier, (Is CIT Bankrupt Yet?) it is likely that CIT is going to have to go [...] [...] noted earlier, (Is CIT Bankrupt Yet?) it is likely that CIT is going to have to go [...]

]]> By: Brett Tibbitts http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192893 Brett Tibbitts Mon, 13 Jul 2009 18:06:24 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192893 Barry, you say you have mixed feelings about bailing out CIT, which is more than understandable given the consequences of a non-bailout. I always find your questions about the here and now most helpful. This is where we ought to be concentrating our minds and sweat equity. In the end, a decision must be made and there will be criticisms either way. You appear to come down on the side of not bailing them out as it "would make a mockery of systemic risk" and "introduces economic risk" as a determinant of bailouts. Personally, I agree with the non-bailout approach. I only wish there were far more chatter in the financial press on the consequences of this decision and that there were far more people weighing at the White House and Treasury departments (even just on the 800# comment lines) about the massive consequences of this decision. Barry, you say you have mixed feelings about bailing out CIT, which is more than understandable given the consequences of a non-bailout.

I always find your questions about the here and now most helpful. This is where we ought to be concentrating our minds and sweat equity.

In the end, a decision must be made and there will be criticisms either way. You appear to come down on the side of not bailing them out as it “would make a mockery of systemic risk” and “introduces economic risk” as a determinant of bailouts.

Personally, I agree with the non-bailout approach. I only wish there were far more chatter in the financial press on the consequences of this decision and that there were far more people weighing at the White House and Treasury departments (even just on the 800# comment lines) about the massive consequences of this decision.

]]> By: The Curmudgeon http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192858 The Curmudgeon Mon, 13 Jul 2009 17:06:52 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192858 @MEH, I stand corrected...it has to be intentional. I wonder if Goldman has offered them all (the Fed and Tres) a revolving door the other way when it moves its headquarters to whatever part of the world they decide is better for making money once they've completely destroyed (if profitably for them) the US part of the world's economy. @MEH,

I stand corrected…it has to be intentional. I wonder if Goldman has offered them all (the Fed and Tres) a revolving door the other way when it moves its headquarters to whatever part of the world they decide is better for making money once they’ve completely destroyed (if profitably for them) the US part of the world’s economy.

]]> By: How the Common Man Sees It http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192848 How the Common Man Sees It Mon, 13 Jul 2009 16:27:16 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192848 <i>“I’m actually pretty confident in that context we have the authority and the ability to make sensible choices,” he told reporters in London at a press conference.</i> ....just not the incentive apparently :mrgreen: “I’m actually pretty confident in that context we have the authority and the ability to make sensible choices,” he told reporters in London at a press conference.

….just not the incentive apparently :mrgreen:

]]> By: Bruce N Tennessee http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192807 Bruce N Tennessee Mon, 13 Jul 2009 15:30:35 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192807 Speaking of bankruptcy...I know Barry likes charts and colored maps... http://www.ft.com/cms/s/0/be5612a6-6c9a-11de-a6e6-00144feabdc0,dwp_uuid=e70ca99e-a4b0-11db-b0ef-0000779e2340.html California’s financial troubles echo across the US "Which one may be the next to follow California’s unenviable example of issuing IOUs to students and cancer patients? Our interactive graphic shows the “state of the states”, and shows those in most trouble. " Fiscal year 2010 will be a doozy... Speaking of bankruptcy…I know Barry likes charts and colored maps…

http://www.ft.com/cms/s/0/be5612a6-6c9a-11de-a6e6-00144feabdc0,dwp_uuid=e70ca99e-a4b0-11db-b0ef-0000779e2340.html

California’s financial troubles echo across the US

“Which one may be the next to follow California’s unenviable example of issuing IOUs to students and cancer patients? Our interactive graphic shows the “state of the states”, and shows those in most trouble. ”

Fiscal year 2010 will be a doozy…

]]> By: Greg0658 http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192805 Greg0658 Mon, 13 Jul 2009 15:18:23 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192805 me "unorganized groups get squeezed by larger forces" ... to extend that to you choirboys in here .. ie Shareholder Rights (if many here even invest in corporations anymore) (like seems the play of the century is what Chris Whalen is all on) don't you all think that the Corporation is all about this reblend IT reprint of mine "GM a benefits company masquerading as a car company” “the Europeans Koreans Chinese Indians all want in on that” AND WHY TF NOT - good for Dylan and Co that America was in the business of making stuff so that he had some years to trade on it for a living me “unorganized groups get squeezed by larger forces” … to extend that to you choirboys in here .. ie Shareholder Rights (if many here even invest in corporations anymore) (like seems the play of the century is what Chris Whalen is all on)

don’t you all think that the Corporation is all about this reblend IT reprint of mine “GM a benefits company masquerading as a car company” “the Europeans Koreans Chinese Indians all want in on that” AND WHY TF NOT – good for Dylan and Co that America was in the business of making stuff so that he had some years to trade on it for a living

]]> By: Pat G. http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192800 Pat G. Mon, 13 Jul 2009 15:13:31 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192800 The government squandered any ability to overhaul the system and to bring back any semblance of accountability and respectability when it started picking winners and losers in September of last year. The government squandered any ability to overhaul the system and to bring back any semblance of accountability and respectability when it started picking winners and losers in September of last year.

]]> By: Greg0658 http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192797 Greg0658 Mon, 13 Jul 2009 15:07:38 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192797 mcHap "How can anything ever get better if nothing is allowed to fail?" just continue to play into this so called capitalist game and you'll be sorry someday .. I'm with MA@6:54am that these corporation laws are creating monsters of TBT Fail/Fight .... the only retort is to have children or not .. then boarders will flow with immigrants to fill the void to be crushed by inovations in crowd control .... unions come-up again (shill? or depressed forgotten?) .. unorganized groups get squeezed by larger forces (don't you get that) ... and unions helped negotiate fair trade for labor hours to provide a standard of living that once was called the American Standard of Living .. a mechanism to fund all other aspects of the American way (don't you get that?) .. but Wall Street needed to squish that because the transfer of money to that WS Industry depended on it (till it DIDN'T) mcHap “How can anything ever get better if nothing is allowed to fail?”

just continue to play into this so called capitalist game and you’ll be sorry someday .. I’m with MA@6:54am that these corporation laws are creating monsters of TBT Fail/Fight …. the only retort is to have children or not .. then boarders will flow with immigrants to fill the void to be crushed by inovations in crowd control
…. unions come-up again (shill? or depressed forgotten?) .. unorganized groups get squeezed by larger forces (don’t you get that) … and unions helped negotiate fair trade for labor hours to provide a standard of living that once was called the American Standard of Living .. a mechanism to fund all other aspects of the American way (don’t you get that?) .. but Wall Street needed to squish that because the transfer of money to that WS Industry depended on it (till it DIDN’T)

]]> By: Mark E Hoffer http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192786 Mark E Hoffer Mon, 13 Jul 2009 14:47:17 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192786 "...Ironically, in that regard, the feckless government is unintentionally getting us closer to a final economic conflagration from which some real green shoots might emerge..." Curmudgeon, w/this: "..the feckless government is unintentionally.." unintentionally? are you being charitable? that's not very Curmudgeonly, is it? http://www.thefreedictionary.com/curmudgeonly Seriously, their, the USG's/UST's/The FedRes', 'Mistakes' are so Textbook, it'd be difficult Not to make the case that it Was *Intentional*. http://www.thefreedictionary.com/intentional “…Ironically, in that regard, the feckless government is unintentionally getting us closer to a final economic conflagration from which some real green shoots might emerge…”

Curmudgeon,

w/this: “..the feckless government is unintentionally..”

unintentionally? are you being charitable? that’s not very Curmudgeonly, is it?
http://www.thefreedictionary.com/curmudgeonly

Seriously, their, the USG’s/UST’s/The FedRes’, ‘Mistakes’ are so Textbook, it’d be difficult Not to make the case that it Was *Intentional*.
http://www.thefreedictionary.com/intentional

]]> By: I-Man http://www.ritholtz.com/blog/2009/07/is-cit-bankrupt-yet/comment-page-1/#comment-192778 I-Man Mon, 13 Jul 2009 14:29:27 +0000 http://www.ritholtz.com/blog/?p=32039#comment-192778 Great little jab from MacroMan this morning on this topic: "To be sure, the newsflow has been broadly bearish thus far. CIT looks to be on the brink of imminent demise- well, they would be if we didn't live in a world where anyone larger than an eight-year-old's lemonade stand wasn't deemed "too big to fail."" From: http://macro-man.blogspot.com/ Great little jab from MacroMan this morning on this topic:

“To be sure, the newsflow has been broadly bearish thus far. CIT looks to be on the brink of imminent demise- well, they would be if we didn’t live in a world where anyone larger than an eight-year-old’s lemonade stand wasn’t deemed “too big to fail.”"

From: http://macro-man.blogspot.com/

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