- CIT Calls Bailout Unlikely, Fueling Speculation of Bankruptcy
- CIT woes don’t bode well for holiday
- Bayou’s Israel Gets Longer Sentence
- Eleven Accused of Insider Trading by SEC
- Madoff Accountant Waives Indictment, May Plead Guilty
CIT Calls Bailout Unlikely, Fueling Speculation of Bankruptcy – Bloomberg
CIT Group Inc., the 101-year-old commercial lender running short of cash, said i
t probably won’t receive a federal bailout, fueling speculation the company is on the verge of bankruptcy.
Talks with regulators have broken off and “there is no appreciable likelihood of additional government support,” the New York-based firm said yesterday in a statement. CIT, once the biggest independent commercial lender, may seek court protection if no U.S. aid emerges, Standard & Poor’s said this week. The company said it is “evaluating alternatives.”….
CIT woes don’t bode well for holiday – Chicago Tribune
Just as the retail industry is starting to find its footing after the upheaval of the last holiday season, a new storm is brewing.
CIT Group Inc., the giant finance company, disclosed this week that it is talking to federal regulators about steps to keep it afloat.
The New York-based company’s financial troubles could weigh heavily on retailers this holiday season. CIT ranks as one of the nation’s biggest providers of factoring services, a business practice that keeps goods flowing from manufacturers to retailers…..
Bayou’s Israel Gets Longer Sentence – Wall Street Journal
Former hedge fund executive Samuel Israel III was sentenced to an additional two years in prison after he pleaded guilty to bail jumping earlier this year.
At a hearing Wednesday, U.S. District Judge Kenneth Karas in White Plains, N.Y., sentenced Mr. Israel, the former chief executive of Bayou Management LLC, to serve an additional 24 months in prison after he completes the 20-year sentence he is already serving in a massive fraud…..
Eleven Accused of Insider Trading by SEC – Wall Street Journal
The Securities and Exchange Commission accused 11 people of insider trading before two different takeover announcements, including last year’s purchase by Liberty Mutual Insurance Co. of Safeco.
Five people, including a former investment banker at Goldman Sachs Group & Co., were accused of illegally tipping or trading on confidential information before that $6.2 billion deal was announced. Six others were accused of similar actions before an announcement in 2005 that private-equity firm Odyssey Investment Partners LLC would acquire Neff Corp., a Miami-based rental-equipment company…..
Madoff Accountant Waives Indictment, May Plead Guilty - Bloomberg
Bernard Madoff’s accountant, David Friehling, agreed to waive an indictment, a signal that he may eventually plead guilty in a U.S. probe into the money manager’s multibillion-dollar fraud.
Prosecutors in New York today filed a notice of intent to charge Friehling in what’s called a criminal information. The use of such a document means the accountant agreed prosecutors needn’t present evidence against him to a grand jury…..
Tags: Bankruptcy, Bayou, Bernie Madoff, CIT, fraudster, Hedge funds, Insider Trading, prison, Sam Israel, SEC
