Reuters – A top Securities and Exchange Commission lawyer is leaving the world of civil enforcement to lead the criminal division of the Manhattan U.S. attorney’s office, according to an email reviewed by Reuters.
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Read More »AP – Occupy Wall Street has a benefit album planned with Jackson Browne, Third Eye Blind, Crosby & Nash, Devo, Lucinda Williams and even some of those drummers who kept an incessant beat at Manhattan’s Zuccotti Park.
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AP – Protesters who have been camping out in Manhattan’s Financial District say their movement has grown and become more organized, and they have no intention of stopping as they move into their third week, following the second weekend in a row of mass arrests.
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Read More »CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.
CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.
The bankruptcy “will allow CIT to continue to provide funding to our small business and middle-market customers,” said Chief Executive Officer Jeffrey Peek in a statement.
CIT, which filed the fifth-largest bankruptcy by assets, said it plans to exit quickly due to support from bondholders, who voted in favor of a so-called prepackaged plan. None of CIT’s operating subsidiaries, including Utah-based CIT Bank, were included in the filing, and operations will proceed as normal, CIT said in a statement.
Source: http://www.bloomberg.com/apps/news?pid=20601087&sid=a3.t_GrxbL2U
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