CIT Friday...

Well - there is no shortage of action on the CIT thing today and the markets have turned all bloody and halloweenish. In addition to the Goldman deal, here is a deal between Icahn and CIT. Everyone but the U.S. Government is throwing a hand into the restructuring of CIT.

I'm headed into town tonight and no doubt will run into a few drunken bankers.

I'll have more to say over the weekend.

Linky-links - More Goldman and CIT

Ah. My mind is a big blank as I ponder Halloween. Halloween. I spent yesterday hanging little homemade flying bats all over the kitchen. Today I am spinning a spiders web and making some ugly cakes. One pumpkin is sporting a wink, the other is about to be thrown in the garden as something is oozing from the bottom.

I know. You want to know about CIT. The other Halloween story. Ok. As they are busy counting votes from last night, there is no answer. Bloomberg thinks the CDS market is signaling a pre-pack bankruptcy. Read that here. I expect some kind of trickle of more definitive news on that topic will appear over the weekend, making for a bit of a halloween hangover on Monday marketwise...

Oh - and by the way - this just in - on Goldman and CIT . The one billion dollar payoff has been modified. Tell me more.

I feel like Martha Stewart this morning with this heady mix of domesticity and finance info. An old friend of mine was the infamous whistle blower on dear Martha. He then went on to work for an art dealer at a gallery I used to be represented by. He was promptly fired for his honesty. Here is a story about the gallery here.

Carl Icahn, CIT and Goldman Sachs

Sooo. We have Carl Icahn offering to bail out CIT. We have Goldman Sachs suing Carl Icahn over a an entirely different matter. We have Goldman looking to profit from a CIT collapse. We have Mr. Icahn in a similar position, but in a more stealth kind of way.

Here is an exclusive interview on The Street with Mr. Icahn regarding the CIT loan.

Here are two articles. The first from is from Forbes discussing Goldman Sachs v. Carl Icahn. The second elaborating on the naked shorting of Delphi is here on Bloomberg.

Gosh. It is time time time for CIT, The Movie. We've got villains, fist shakers, and ordinary Donut Vendors. It is a horrid circling vulture scenario.

Maybe an online kind of Cluedo Game could make it all a bit more fun. Is it Professor Plum selling CDS in the Billiard Room or is it Reverend Green cooking up something nasty in the kitchen? Or, are there two villains battling to be the best murderer? If I just had a bit more time this morning I'd set that up...

Do not cross go, do not collect 200 dollars.

"Now is the appropriate time to focus on a transition of leadership..." ( businesswire)

No kidding. Run. Nothing personal, but golly, I'd opt for a rest from it right about now as well.

Yes. I am back with my CIT obsession. Read more here.

Oh the power...

Gosh. I almost feel like I have to write about CIT again. Or Goldman. My new shiny white iphone arrived yesterday and, well, I've been a bit busy organizing it, and, myself. With all the third-party applications available, one would think a financial institution application for the iphone is in order for the truly obsessive. It ought to be a little game. Imagine being able to move thin markets, profit handsomely from loss, the possibilities are endless. I think perhaps it ought to be modeled along the lines of "Rolando", a nifty little games program I downloaded last evening that operates by tilting the phone this way and that way. One can save the little Rolando's with a light tap or tip...or leave them stranded...

Oh the power!

CIT and Goldman Sachs

Missmc is still on the Halloween theme. The deadline for the CIT debt exchange is October 29th. If it fails, bankruptcy would be filed in the days following. How fitting. The FT is also obsessing over the CIT thing and two articles appeared over the weekend which discuss the relationship Goldman Sachs has with all this. No doubt, the Goldman conspiracy theorists are chattering again. The FT held back, but, did slide in the adjective "perverse"...in a really polite way.

These articles are apt to cause confusion as there are two issues and two FT articles. Firstly, as stated here, Goldman provided rescue financing last summer with an agreement that they would be paid 1billion if the company goes bankrupt or defaults. The second FT article concerns itself with a second source of profit for Goldman should CIT file bankruptcy. They are indeed a large holder of credit default swaps on CIT. The amount, and who is standing on the other side of these holdings is unspecified. You may read about it on the FT website here.