CIT Going Under
CIT Going Under!
I was just reading that commercial lender CIT Group Inc has a board meeting set for Sunday night. Their meeting to consider what their next steps are since the U.S government turned them away for funds. The U.S government doesn’t think helping this small short term lender would hurt the economy. But if CIT does fail hit will hurt small to midsize businesses, like Dunkin’ Donuts franchisees. CIT’s bankruptcy filing will hurt a ton of retail businesses who depend on CIT to purchase their huge inventory purchases. This will affect more businesses then the Obama administration thinks. It seems like the Obama administration doesn’t want to help CIT because it could help big banks in the long run, which is why the government needs to stay out of the banking business. That’s how I personally feel. It’s the old saying, the rich get richer, and the poor get poorer. The Obama administration needs to be fair to everyone, not just the bigger banks. I hope that CIT works things out with their bond holders, so they can tell the Obama administration to stick it.
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