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Good thing us Individual Investors didn't buy CIT.

|Includes: CIT Group Inc. (CIT)


Finally, the truth comes out!
 

NEW YORK (Reuters) - Troubled U.S. lender CIT Group (NYSE:CIT - News) on Tuesday said it deferred an interest payment on some notes, sending its shares down as much as 17 percent.

CIT shares fell to $1.44 from $1.74 in trading on the New York Stock Exchange. The shares had almost doubled in August from 87 cents at the start of the month, amid a broad rally in financial stocks.

 

The cash-strapped company said in a filing with the U.S. Securities and Exchange Commission that it cannot pay an interest payment due September 15 to holders of its March 15, 2067 junior subordinated notes.


I hope that the players in the huge CIT volume the last few days really lost their asses on this one.