I love finding good news, since there seems to be so little of it these days. This looks like some really good news!
"CIT said late Wednesday that negotiations with regulators about a possible rescue had broken off after days of round-the-clock talks.
The move marked a defining moment for the Obama administration and showed it’s drawing a line in the sand on federal rescues for troubled financial firms…"
← CIT Group
(as they went to the govt first, instead of asking for private companies to lend needed cash)
I don’t see what the good news is.
It is obvious that some will not receive bailouts if for the mere political show that they have a rational mechanism to select those who meet and those who don’t meet the criterions. They obviously do not, so this is just part of their politics.
Wow. I owe CIT half a million dollars.