4th UPDATE: Icahn Offers To Underwrite $6 Billion Loan To CIT - WSJ.com By Kate Haywood and Maxwell Murphy Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Just as CIT Group Inc. (CIT) finished beating back a revolt of its junior bondholders, another creditor picked a fight Monday with the embattled century-old commercial lender - corporate raider Carl Icahn...
I remember a few months ago CIT was denied federal help. CIT is one of the largest lenders to small business in the USA. I heard they provide something like 75-80% of all small business loans in this country actually! While Washington bailed out the investment banks, CIT was left to die on the vine. This billionare offered to underwrite $6 billion to bail them out. The very next day, Obama starts talking about "helping small business".
Maybe if the government let the market sort itself out, other investors would come forward like Icahn did...they are both corporate raiders, so the only difference is that Icahn used his own money.
