I really thought they could delay this until April. A little more information here.
The previous rumor about hedge fund guru John Paulson negotiating a merger between CIT and Indymac looks to have been discredited. This is a good thing, because the idea was really stupid.
I remind everyone that the death of CIT will likely have some pretty terrible consequences, particularly for jobs, as many in the retail industry rely on CIT at some point along their supply chain. If they do manage to stay afloat, the problems will be somewhat mitigated. There will still be some complications caused by their ongoing efforts to reduce risk in their loan portfolio. Whether these problems will be enough to derail the magnificent recovery remains to be seen. Everyone seems to be banking on a jobless recovery anyway.
