CIT Bankrupt Files for Chapter 11 Bankruptcy Sell CIT Stock CIT Group Inc NYSE:CIT
Submitted by vinny on Sun, 11/01/2009 - 20:20.
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CIT Group inc (NYSE:CIT) will file for Chapter 11 bankruptcy today. CIT's board was meeting about the likely filing early Sunday afternoon, these people said, and the company expected to seek Chapter 11 protection in New York in a matter of hours. If you hold CIT stock, Sell CIT stock immediately when NYSE opens on Monday 2 2009.
Taxpayers are likely to see their $2.3 billion investment vaporized. See how CIT stock tumbles on NYSE on Monday taking along stocks like C, BAC, FNM, FRE etc . Those who bought CIT shares on Friday at $0.720 would even regret now as CIT stock might fall below $0.50 at opening and might see an intra day low and also 52 week low of $0.20-$0.30 or even lower. CIT might drag other financial heavyweights on the way down.
So why did we even bother to save CIT which eventually failed to survive? what happened to our tax money?
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