Word: cit
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...reason for all this bullishness? Surely not the economy, which continues to muddle along through the muck of heavy consumer debt and a poor housing market. But businesses are in better shape, and the financial crisis seems to be fading from view, even as small business lender CIT struggles to survive another day. (Stock futures turned negative after the market close on news that CIT was not likely to get a government rescue.) (Watch TIME's video of Peter Schiff trash-talking the markets...
...Will CIT's failure relight the financial crisis...
...July 15, one of the nation's largest lenders to small businesses, CIT, said the government was unlikely to save it from bankruptcy. The company could still find a private investor to swoop in and rescue the firm. By some estimates, CIT has to find as much as $6 billion in new capital - and fast - to keep the lights on, and in this economy, most investors are betting that's not likely. CIT shares have fallen 90% this year, and traded around 40 cents on Thursday. A bankruptcy, some say, could come before the weekend. And that has many people...
...levels of debt and equity that no one can unravel what the convertible preferred and senior notes are worth, let alone the common stock. That point of view leaves out the most obvious aspect of valuing Citi's stock which is that it is followed by thousands of experts. Cit trades over 400 million shares a day. With that much volume and that many experts, the market for evaluating the bank's stock is probably as efficient as it is for any publicly traded stock in the world. Citi's value changes by the second and on some days...
...Bastien Baron, 28, client-relations manager First, I'd take a long walk from the Ile de la Cité along the banks of the Seine all the way to the Musée d'Orsay, one of our most beautiful museums. At midday, try the authentic Japanese restaurants on Rue Sainte-Anne, where you can get excellent ramen. Later, for dinner, I'd go to Le Petit Bofinger, tel: (33-1) 4272 0523, at Bastille, just across the way from the famous belle époque Brasserie Bofinger. It's roomy, but not too expensive, with a great wine cellar...