CIT gets $4.5 Billion more in credit… CIT has basically found someone to give it another credit card so it can pay the interest on the money it can’t repay, so they ducked the bullet for another quarter, perhaps
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On second thought, this infusion of cash is “secured”, which may just be Goldman Sachs and friends pushing themselves to the front of the line, pushing aside the bondholders prior to filing for bankruptcy.
Carl Icahn owns about $2 billion in those bonds and is preparing for a fight in the bankruptcy court. Fortunately for GS, there is no jury in a bankruptcy courtroom.