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Well the main stream media isnt about to tell the general public that CIT Group Inc. is in talks to borrow $4 billion to $6 billion that could be used as secured funds if its restructuring plan succeeds, or used as financing to see the company through a bankruptcy ... To many people lying there butts off and only now are people waking up
Originally posted by Hx3_1963
European stock index futures point to weaker start
LONDON, Oct 2 (Reuters) - European stock index futures pointed to a fall in equities on Friday, with investors awaiting U.S. non-farm payrolls data later in the session for near-term market direction.
At 0603 GMT, futures for the Eurostoxx 50 STXEc1, Germany's DAX FDXc1 and the French CAC 40 FCEc1 were down between 0.8 percent and 1.1 percent.
On Thursday, the FTSEurofirst 300 .FTEU3 index of top European shares ended 1.6 percent lower at 981.70 points, the lowest closing level in three weeks.
The possibility of a double-dip recession is still there although it is not the main scenario envisaged by the International Monetary Fund and governments should not rush to exit economic stimulus packages, IMF Managing Director Dominique Strauss-Kahn told CNBC Friday.
Current DateTime: 03:30:19 02 Oct 2009
LinksList Documentid: 33135281
US Jobless Rate May Hit 10%Second Credit Crunch Coming?Where Jim Rogers Would Put $1 MillionTrading With the Experts
The global economy is recovering but unemployment usually lags recoveries by 10 months if not more and "we shouldn't be too optimistic," Strauss-Kahn told "Worldwide Exchange."
CIT [CIT 1.06 -0.15 (-12.4%) ] launched on Thursday a debt-exchange plan that the struggling lender to small and mid-sized companies hopes will prevent it from filing for bankruptcy.
The plan offers bondholders new debt in the company as well. Investors holding notes maturing in 2009 would get more new debt than those holding debt maturing between 2013 and 2018.
The company is also looking for votes for a prepackaged bankruptcy, should the exchange offer prove unsuccessful. Under the terms outlined on Friday, most debtholders would get 70 cents of new debt on the dollar, plus new common stock.
Originally posted by Hx3_1963
reply to post by GreenBicMan
Now..."Show me the Money!!!"
Where's that line in the sand fer tomorrow!
Hang Seng 20,469.29 12:36AM ET Down 485.96 (2.32%)
Nikkei 225 9,746.67 12:31AM ET Down 231.97 (2.32%)
[edit on 10/1/2009 by Hx3_1963]
Failed Bank List
Warren Bank Warren MI 34824 October 2, 2009
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $275 million.
Warren Bank is the 96th FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Michigan Heritage Bank, Farmington Hills, on April 24, 2009.