The future is looking increasingly bleak for the former king of retail, Sears Holdings.
During the next banking crisis, we will need speed. Remember how floundering financial firms, like Lehman Brothers, AIG, and Fannie Mae, contributed to fear and uncertainty - creating problems for their customers, counterparties, and the markets? Many commercial and investment banks panicked, stopped extending credit, and greatly damaged our economy and financial system.
In its first full quarter since emerging from a whirlwind trip though bankruptcy, CIT Group returned to profitability.
A new player is charging into the arid landscape of banks willing to lend to franchise operators. Bancorp Bank, based in Wilmington, Del., said this week that it will launch a new program specifically targeting startup and expanding franchises.
Not so long ago, John Thain's legacy was that of the Merrill Lynch CEO who redecorated his office for $1.2 million before selling the dying investment firm to Bank of America in a controversial deal that is now under criminal investigation.
Former Merrill Lynch CEO John Thain has been tapped to lead struggling lender CIT Group.
New York's attorney general plans files civil charges against ex-Bank of America CEO Ken Lewis.
The last of the big banks have returned their bailout funds, but uncorking the champagne would be premature: taxpayers still have a lot of skin in the game, and getting paid back only gets more difficult from here on out.
After a 38-day trip through bankruptcy, small business lender CIT Group emerged on Thursday and says it's ready to charge back into the lending fray. Its next challenge: Rebuilding relationships with customers damaged by the bank's struggles.
CNNMoney: CIT's long goodbyeupdated: Tue Nov 03 2009 17:02:00
When CIT Group filed for bankruptcy Sunday, it wasn't much of a surprise. The once-dominant small business lender has been largely sidelined for more than a year.
CIT Group is the first big bailout loss for taxpayers, but it won't be the last.
Last week's big selloff did more than just rattle investors: it put an end to a seven-month win streak that had pushed the S&P 500 more than 60% above the March lows.
CIT Group Inc., one of the nation's leading funders of small and medium-sized businesses, filed for the fifth largest bankruptcy by assets in U.S. history Sunday as part of a reorganization plan that has the support of an overwhelming majority of debtholders.
Small business lender CIT Group got a hand Friday from a most unlikely source: a billionaire activist investor who has spent the past month trying to foil the company's restructuring plans.
Jeffrey Peek, the chairman and CEO of the embattled small-business lender CIT Group, said Tuesday he plans to resign from those roles at the end of the year.
Psst. Did you hear who Microsoft is going to buy next? No? Me neither. But that hasn't stopped traders from gossiping.
Troubled lender CIT Group launched a restructuring plan aimed at shaving $5.7 billion of debt. The company warned it could file for bankruptcy if it falls short of that figure.
Stocks inched lower Wednesday, following weaker-than-expected readings on manufacturing and the labor market. But the declines were minimal at the end of an upbeat month and quarter on Wall Street.
Shares of CIT Group, one of the nation's largest lenders to small businesses, plummeted 45% Wednesday after a newspaper article said the company will hand control to bondholders or file for bankruptcy.
Stocks slipped Tuesday after a surprise drop in consumer confidence countered a better-than-expected housing market report. That added to lingering questions about the strength of an economic recovery.
What's that smell on Wall Street these days? Fear. Kind of.
CNNMoney: Stocks suffer setbackupdated: Tue Aug 11 2009 17:58:00
Stocks slumped Tuesday, with a pummeling in bank shares and jitters ahead of a Federal Reserve announcement giving investors a reason to retreat.
The government recently refused to bailout one troubled commercial lender. But another is telling regulators that it doesn't want Washington's help anymore.
Want a sense of how the typical American company is faring these days? Look no further than the balance sheets of the nation's banks and lenders.
Bondholders are throwing CIT a lifeline. But salvaging the small business lender could still test the company and its CEO, Jeffrey Peek.
Call it the Bobby McFerrin market. Investors are no longer worried. They're happy.
Is the financial system stable enough yet to fix itself? Can the government take off the training wheels? That's the significance of CIT Group's crisis, beyond its role as a lender to about 1 million small- and medium-size businesses.
CIT Group was expected to announce a deal with key bondholders for $3 billion in funding that would stave off a bankruptcy filing for the cash-strapped lender, according to reports published Monday.
Stocks were set for a mixed open Friday as investors remained cautious despite strong earnings from Citigroup, Bank of America and General Electric, and a government report on the housing market that trumped expectations.
CIT and its many borrowers are in limbo.
Stocks rallied Thursday, finding momentum in a choppy session, as investors welcomed JPMorgan Chase's better-than-expected profit report and geared up reports from tech leaders after the close.
The small business credit market is about to take another major hit. Six weeks after Advanta abruptly froze all of its 1 million credit-card accounts, lending giant CIT Group faces potential bankruptcy.
Stocks were set for a mixed open Thursday after strong earnings from JPMorgan Chase and lower-than-expected jobless claims countered concerns about small business lender CIT Group.
Cash-starved small business lender CIT Group said Wednesday evening that it has been told it won't be getting a government bailout anytime soon.
A self-styled bridge between Wall Street and Main Street is showing some cracks. Now the question is whether Washington might try to shore it up.
Stocks surged Tuesday, with the Dow gaining over 300 points, as millions of Americans battered by the weakened economy turned out to vote for the next President of the United States.
Investors around the world cheered as stock markets experienced a broad-based recovery Monday from last week's dismal performance. But as the S&P 500 saw its best-ever point day a small group of stocks were left out in the cold.
CNNMoney: Stocks fight backupdated: Tue Jul 01 2008 18:09:00
Stocks struggled higher Tuesday - with the Dow and Nasdaq pushing off bear market levels - after GM reported a June sales loss that was steep, but not as steep as had been expected.
CIT Group's advertising slogan may sum up its problem: "At CIT, we are Capital Redefined." Thanks to its recent foray into subprime mortgages, CIT's capital has been radically redefined. On March 20 it was forced to draw down a $7.3 billion backup credit line. Its stock has plunged from around $60 a share a year ago to $13 on April 9, and CIT shuttered its student loan business and is trying to sell off non-core businesses to keep afloat.
CNNMoney: Stocks stumped by oilupdated: Wed Jul 06 2005 09:19:00
Stocks struggled early Wednesday, with investors reluctant to move much as oil prices jumped to within shouting distance of all-time highs.
With the S&P 500 falling 24%, 2002 ranked high on the list of years that mutual fund managers would most like to forget. So we were pleased to find that five of our nine fund picks for last year ra...
One of the best places to gauge the sorry state of America's domestic airlines is a long gray runway that cuts through the khaki sands of the California desert 100 miles north of Los Angeles. The r...
Believe it or not, bankers love you. Really--even with all the ups and downs in the economy. And bankers aren't alone. Brokerage firms, credit card providers, commercial finance companies--just abo...
Like the NASDAQ, the S&P 500 and even the less tech-dependent Dow, the MONEY 30 was slammed during the month that ended March 14. Our index of stocks representing the New Economy fell almost 14%. T...
Founders of startups and fast-growing businesses hate the fundraising mating dance. Just ask Leticia and Tony Bucio, who are a little worn out from this laborious exercise. Despite the fact that th...
These 25 banks, ranked by assets, are the biggest in the region, and 23 are Japanese. The others are the government-owned Bank of China (No. 18) in the People's Republic and Hongkong & Shanghai Ban...
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|