If You Have to Point It Out...
... you are most likely full of shit.
CIT Group Inc., the commercial lender that hired John Thain as its new chief executive officer, said the U.S. Treasury Department doesn’t have a stake in the company anymore.
“While the U.S. Treasury no longer has an investment in CIT, we are generally endeavoring to apply Treasury governance best practices,” CIT spokesman Curt Ritter said today in an e- mailed statement.
The Treasury said in a filing earlier this month that it still held “contingent value rights,” which the New York-based lender had distributed to preferred shareholders as part of its bankruptcy reorganization. The Treasury’s preferred stake, originally valued at $2.3 billion, was obtained when CIT sought funds from the Troubled Asset Relief Program.
CIT said in a filing today that the contingent value rights “are terminated and cease to exist.” Today was Thain’s first full day on the job.
This is a guaranteed winner.