NEW YORK (Reuters) – CIT Group Inc has clinched $3 billion of emergency financing from bondholders, keeping the struggling lender out of bankruptcy, a person close to the matter said. The rescue from several big bondholders, including Pacific Investment Management Co, has been approved by CIT's board and could be announced on Monday, the source said.
Just like Neo CIT dodged a bullet today by lining up financing with their bondholders. These are the good guys as far as I can tell loaning money to medium and small business. Now they just need to stick that big needle thingy in the back of their heads and go back into the matrix to fight the evil master control program (Goldman Sachs).
Well today we continued to squeeze the hell out of the short chicken but managed to stay below the oh so important resistance level of S&P 950. As a result there are no good setups for tomorrow but we did walk away with a profit for our last pick so woo hoo! Good Luck.
