Daily News: September 28, 2012

Thain to CNBC: ‘Absolutely Not’ Seeking Buyer for CIT


CNBC released a transcript of Maria Bartiromo’s September 27 interview with CIT’s CEO John Thain during which, when asked if he was looking for a buyer for CIT, he replied “absolutely not.”

When asked if CIT has the capability to compete without getting bigger and if it could be a standalone company going forward, Thain answered, according to the released CNBC transcript, “The answer is absolutely. So one of the things we have done over the last 2.5 years, we have repaid or refinanced $31 billion of debt. We now originate 90% of our business in our bank … So our funding costs now are competitive with pretty much anyone.”

Regarding his thoughts on the Federal Reserve stimulus and the economy, Thain replied, according to the CNBC transcript, “We have a lot of views into the economy. We lease railcars. We lend into the middle market. We don’t have much consumer business, but we do see the retailers because we’re the largest factor in the U.S. So my read of the U.S. economy is it’s growing, but it’s growing slowly. And it is not creating a lot of jobs.”

To read the full CNBC transcript, click here.

Previously on abfjournal.com:
Rumors Swirling Around CIT, Tuesday, September 25, 2012