By Maya Jackson Randall
U.S. Treasury Secretary Timothy Geithner on Monday said he is monitoring CIT Group Inc. developments.
“We’re watching closely developments in those markets,” the secretary told reporters in London, where he met with key leaders on the financial crisis. “We have a significant interest generally in trying to make sure the financial system gets through this, adjusts where it needs to adjust and emerges stronger.”
“We’ll be watching closely developments in that area,” he said.
The secretary went on to add that he’s “actually pretty confident” that “we have the authority and the ability to make sensible choices” on the matter.
Officials at CIT Group, a lender to small and midsize businesses, tried to work out a plan to calm markets and convince customers and investors that it can work its way out of a liquidity crunch amid a concern that hundreds of small and midsize business customers may rush to withdraw funds or draw down credit lines. CIT officials met over the weekend with members of Congress, government officials and regulators.
More news on: http://blogs.wsj.com/economics/2009/07/13/geithner-monitoring-cit-developments/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment