Reported on CNBC but no details as of yet. I will post them when I can find some.
Update - 1:17
CIT soars on report of financing talks with banks - from MarketWatch
SAN FRANCISCO (MarketWatch) -- CIT Group Inc. (CIT 0.90, +0.49, +119.51%) shares soared during Friday afternoon trading after Reuters reported that the troubled lender is in talks with J.P. Morgan Chase (JPM 36.61, +0.48, +1.32%) and Goldman Sachs (GS 156.09, -0.75, -0.48%) for short-term financing of $2 billion to $3 billion. CIT shares jumped 40 cents to 81 cents in afternoon action on Friday. A CIT spokesman didn't immediately respond to a phone call and email seeking comment.
Good, taxpayers have done enough of the bailouts, JPM and GS have plenty of our money.
Friday, July 17, 2009
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