Will CIT be next, I'm learning here :)

[TNHermit]

http://biz.yahoo.com/nytimes/080320/...2931.html?.v=6

CIT Borrows $7.3 Billion to Repay Debt
Mar 20 05:23 PM US/Eastern


NEW YORK (AP) - Commercial and consumer lender CIT Group Inc. said Thursday it tapped its $7.3 billion credit lines to repay debt and finance its commercial lending and is seeking additional funding sources as access to capital has dried up.

CIT Group said it cannot get capital from other sources amid continued deterioration of the credit markets. Aside from looking for new funding, CIT Group said it would also consider selling non-strategic assets and business lines to help raise cash.

Shares of CIT Group tumbled Thursday, falling $3.72, or 32 percent, to close at $7.92. Earlier in the session, shares hit a 52-week low of $6.45.

52 week high was 61.00

Drawing on bank lines is often seen as an emergency action for companies unable to get financing elsewhere.

[wottahuzzee]

Wait a minute, isn't this like when I get a cash advance from Visa to pay my Discover card.

(Just joking--I don't really do that.)

[hfwarner3]

Didn't you read the news? Between the Fed lending everybody money and foreign investors lending everybody money all the corporations have money again now, so its all good. You know, its not a CREDIT crisis, its just a cash flow crisis, so borrowing more money makes it all better.

If I ran my household finances this way they would put me in jail...

[mightybooboo]

What? You mean if YOU print dollars you go to PRISON,but when the governments does so Its a GOOD thing?

Most people believe that,think Fiat currency is the bee's knees.