This page has been archived and commenting is disabled.
Let’s Make a Deal- CIT Group May Strike One Up With Goldman
According to AP sources- CIT Group Inc may finalize a deal with Goldman Sachs within the next day or so, over a disputed payment on a $3 billion loan.
Though much of who and what exactly are not officially known, hinted or disclosed, Goldman may pare-down a cool billion off monies owed by CIT if the group ends up in bankruptcy court. Under the terms of the new negotiations, CIT would pay Goldman Sachs $300 million if it appeals for bankruptcy protection.
This new agreement may help CIT get access to new financing options from bondholders of which it could use in either a debt restructuring or in bankruptcy proceedings- which regardless of debt restructuring, they may have to file anyway.
This new loan would be arranged by Bank of America Merrill Lynch and raised among as many as fifty of CIT’s debt holders.
»
- 2213 reads
- Printer-friendly version
- Send to friend
- advertisements -
Lee Iacocca Says: 'Am I the only guy in this country who's fed up with what's happening? Where the hell is our outrage? We should be screaming bloody murder! We've got a gang of clueless bozos steering our ship of state right over a cliff, we've got corporate gangsters stealing us blind, and we can't even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, 'Stay the course..' Stay the course? You've got to be kidding. This is America , not the damned, 'Titanic'. I'll give you a sound bite: 'Throw all the bums out!' You might think I'm getting senile, that I've gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore.. The most famous business leaders are not the innovators but the guys in handcuffs.. While we're fiddling in Iraq , the Middle East is burning and nobody seems to know what to do. And the press is waving 'pom-poms' instead of asking hard questions. That's not the promise of the ' America ' my parents and yours traveled across the ocean for. I've had enough. How about you? I'll go a step further. You can't call yourself a patriot if you're not outraged. This is a fight I'm ready and willing to have. The Biggest 'C' is Crisis! (Iacocca elaborates on nine C's of leadership, with crisis being the first.) Leaders are made, not born. Leadership is forged in times of crisis. It's easy to sit there with your feet up on the desk and talk theory. Or send someone else's kids off to war when you've never seen a battlefield yourself. It's another thing to lead when your world comes tumbling down. On September 11, 2001, we needed a strong leader more than any other time in our history. We needed a steady hand to guide us out of the ashes. A hell of a mess, so here's where we stand. We're immersed in a bloody war with no plan for winning and no plan for leaving. We're running the biggest deficit in the history of the country. We're losing the manufacturing edge to Asia , while our once-great companies are getting slaughtered by health care costs. Gas prices are skyrocketing, and nobody in power has a coherent energy policy. Our schools are in trouble. Our borders are like sieves. The middle class is being squeezed every which way. These are times that cry out for leadership. But when you look around, you've got to ask: 'Where have all the leaders gone?' Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense? I may be a sucker for alliteration, but I think you get the point. Name me a leader who has a better idea for homeland security than making us take off our shoes in airports and throw away our shampoo? We've spent billions of dollars building a huge new bureaucracy, and all we know how to do is react to things that have already happened. Name me one leader who emerged from the crisis of Hurricane Katrina. Congress has yet to spend a single day evaluating the response to the hurricane or demanding accountability for the decisions that were made in the crucial hours after the storm. Everyone's hunkering down, fingers crossed, hoping it doesn't happen again. Now, that's just crazy. Storms happen. Deal with it. Make a plan. Figure out what you're going to do the next time. Name me an industry leader who is thinking creatively about how we can restore our competitive edge in manufacturing. Who would have believed that there could ever be a time when 'The Big Three' referred to Japanese car companies? How did this happen, and more important, what are we going to do about it? Name me a government leader who can articulate a plan for paying down the debit, or solving the energy crisis, or managing the health care problem. The silence is deafening. But these are the crises that are eating away at our country and milking the middle class dry. I have news for the gang in Congress. We didn't elect you to sit on your asses and do nothing and remain silent while our democracy is being hijacked and our greatness is being replaced with mediocrity. What is everybody so afraid of? That some bonehead on NBC news or CNN news will call them a name? Give me a break. Why don't you guys show some spine for a change?
What's really amazing about this is not that Lee said it or even what he said but that it got any press at all.
Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense?
We're on the Internet, the only form of media where we can be heard, and soon to be regulated out of existence as easily-radicalized terrorists who hate ourselves for our freedoms.
"Self hate of our freedoms"... astute observation.
Last time we were 'liberated' from our rights and freedoms because the 'terrorists' hated us for them...
This time it will be to save us from ourselves...
This time it will be to save us from ourselves...
Here I come to save the day. Mighty Mouse is on the way.
Where did you lift this from I would like to read more Great stuff...
this 'rant' is probably one of the best and most concise summaries of what the issues are that i have seen. where did Iacocca give this at?
It's from his book published in April 2007. Where Have All The Leaders Gone?
FREE LIL' WAYNE
Get rid of unfair NYC gun laws. Get rid of unfair NYC DNA testing. How many dangerous criminals carry a piece in a Louis Vuitton bag?
re: timing of the rant:
http://www.snopes.com/politics/soapbox/iacocca.asp
Lee Iacocca for President... and if he wrote this in 2007 I wonder what he is thinking right about now?
"They" are banking on people's indifference, as did a well known infamous figure in Germany years ago.
This is death by a thousand razor cuts for CIT. With Icahn and GS rushing in to steal the carcass, what could possibly be left for the other jackals ??
I don't remember under which ZH article I read it but there was an excellent comment a few weeks ago that said it all.
It's all about cash flow and nothing about profitability or even long term survivability.
Thanx, CD. Sometimes I forget that cash flow may have some meaning in the new world of finance.
The Fed Should Be More Transparent
by Ron Paul
While I oppose giving the Fed any additional power, even members who support an expansion should support dealing with the crucial issue of Fed oversight – before proposals for giving the Fed additional power as a regulator of the financial system are discussed. Using Section 13(3) of the Federal Reserve Act, the Fed has gone on the warpath over the past two years. It has involved itself in direct financial support to individual firms such as Bear Stearns and American International Group, has developed new credit facilities to funnel money to numerous other financial companies and has boosted its balance sheet to more than $2 trillion – secure in the knowledge that the legal blocks put in place in 31 U.S.C. 714 to prevent GAO audits of the most significant of the Fed’s actions will hide it from any serious oversight. For an organization with arguably as much clout as the rest of the federal government put together to be able to escape significant oversight is a situation that needs to be rectified immediately.
http://www.lewrockwell.com/paul/paul600.html
"Though much of who and what exactly are not officially known, hinted or disclosed, Goldman may.."
boy that could start just about any post...
For every action there is an equal and opposite reaction. Thats the law of the universe and it will come but probably not in the form we imagine. Its a given though that the "best and brightest" that got us here will not prevail. That would cause the war of classes that would be ugly. Steve Wynn said today " if we would have taken all the money given the banks and turned it into $30,000 per person we would have created 34 million jobs. So now we will have 34 million+ on welfare and it will snowball and the middle class supporting that will not take it. If a non greed based conscientious change for the big picture doesn't occur the equal and opposite reaction could be ugly and it will be uncontrolled.
FYI: Im not a member but check out Oath Keepers of the Republic web site. Its a group of veterans, military and police that refuse to enforce reactionary orders that restrict personal freedoms.
The time to get short bureaucracy, and long guillotine blades is drawing near.
The problem with the karma/equal&opposite approach.....is that...On a long enough timeline....that maybe true. But within our lifetimes, a generation, the next few years...it can be wildly off.
That means that we of principle and integrity with a modicum of understanding, get screwed.
Subsidize the few, with the monies from many, resulting in taxes needing to be found, that mean the few, who benefitted from the many, immediatedly start squealling about the strangualtion of innovation and the american way.
All the time forgetting, that the idiots, with their paradigm inducing financial products are now holding EVERYONE hostage.
Kneecaps...hammer...prison...faces to walls...Wall Street will only learn under the threat of prison time...this is the ONLY consequence that will register.
How....civil law suits.
The problem with the karma/equal&opposite approach.....is that...On a long enough timeline....that maybe true. But within our lifetimes, a generation, the next few years...it can be wildly off.
That means that we of principle and integrity with a modicum of understanding, get screwed.
Subsidize the few, with the monies from many, resulting in taxes needing to be found, that mean the few, who benefitted from the many, immediatedly start squealling about the strangualtion of innovation and the american way.
All the time forgetting, that the idiots, with their paradigm inducing financial products are now holding EVERYONE hostage.
Kneecaps...hammer...prison...faces to walls...Wall Street will only learn under the threat of prison time...this is the ONLY consequence that will register.
How....civil law suits.
The problem with the karma/equal&opposite approach.....is that...On a long enough timeline....that maybe true. But within our lifetimes, a generation, the next few years...it can be wildly off.
That means that we of principle and integrity with a modicum of understanding, get screwed.
Subsidize the few, with the monies from many, resulting in taxes needing to be found, that mean the few, who benefitted from the many, immediatedly start squealling about the strangualtion of innovation and the american way.
All the time forgetting, that the idiots, with their paradigm inducing financial products are now holding EVERYONE hostage.
Kneecaps...hammer...prison...faces to walls...Wall Street will only learn under the threat of prison time...this is the ONLY consequence that will register.
How....civil law suits.
Durden, Hey Durden you in there? This is what fight club is all about right? Dont silence the views of the people!
Where's Crosby, Stills, Nash & Young when you need them?
The time is drawing near to get short bureaucracy and get long guillotine blades.
If we had any nerve at all, if we had any real balls as a society, or whatever you need, whatever quality you need, real character, we would make an effort to really address the wrongs in this society, righteously.
Quotation of Jerry Garcia
Goldman is an agent for the government.
The government did not want to look foolish by bailing out CIT, so they are now calling in "favors" from GS for letting them run amuck with the regulations and manipulate the markets so that the 401ks got restored, and GS made $10 billion.
So now, they are commanding GS to do a sweetheart deal with CIT. I bet you GS doesn't make very much money on this one.