As the fate of the CIT hangs in the balance, the company and its customers continue to make an all-out effort to save the firm. According to Real Time Economics blog, thirty-two CIT customers have issued an urgent letter, pleading with the Obama administration to reverse its decision and extend a second bailout to the struggling lender as the firm gets closer to a possible bankruptcy protection filing.
The coalition, which included the International Franchise Association, National Council of Chain Restaurant, National Retail Federation, the National Cotton Council, and the Southern Textile Association, sent a letter Friday night to Treasury Secretary Tim Geithner urging him to help CIT avoid collapse while pointing out the ramifications a CIT Group Inc. (NYSE:CIT) bankruptcy would have on more than a million small-and-medium sized businesses.
A failure of CIT, which has more than $75 billion in assets, would be the biggest bank collapse since regulators seized WaMu in September. Here is the letter.