CIT Group Customers Issue Urgent Letter to Secretary Geithner

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.

Jasper - The Real Deal!

Risk Our Money Not Yours | Get 50% Off Any Account!

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.