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CIT Soars On Talks With JPMorgan, Goldman (CIT, JPM, GS)
Courtesy of Joe Weisenthal at ClusterStock
There’s been chatter to this effect for awhile, but there are still no specific [details] about this — common shareholders are likely to take some huge dilution, regardless of the deal.
Could we be looking at the return of the Sunday-night rescue? Wheeee!
Update: On CNBC they’re already talking about crisis averted, which seems premature. One guest said that if CIT failed, there’d be "retail Darwinism"… um, as in capitalism?
Update 2: Steve Liesman — who is as well-sourced in government as anyone in the world — still thinks there’s a chance that if private money comes in, the Terasury will backstop it, or add some bucks of its own in some manner. Surprise, bailout still on!
See Also:
Top Photo: CIT Entrance, by Americasroof, photo and license at Wikipedia.
Other Photos: Courtesy of ClusterStock.