The AP reports:
Commercial financial firm CIT Group Inc. said Tuesday it received preliminary approval to obtain $2.33 billion as part of the government's $700 billion bank investment program.
The approval comes just hours after the government approved CIT's application to become a bank holding company. ...
CIT recently announced it was raising $300 million through a public stock offer and bolstering its capital through a debt exchange offer as it worked to win approval to become a bank holding company.
You can read the Fed's approval of CIT's switch to a bank holding company here (pdf).
1 comment:
I'm thinking of starting a fake bank and aka trust. Look Hank is giving out free money to banks and even fake banks like Goldman Sachs. I'm asking for 3 Trillion dollars then I'll close by bank. I intend to give the money to those suffering her and all over the world. Of course I'm give Mr. Kitty a life time of cat food and I really don't need the money for myself but would love to see adults and kids smile with enough help to do for themselves.
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