Time was, in summer time CIT stood for "Counsellors in Training," and it was all in good fun.
I'm of a mixed mind about CIT the commercial lender now tottering on the brink of demise, now about to hoover up more tax dollars. On the one hand, I think it does sound like a systemically important institution, and the fact that it supports a lot of franchisees and other small businesses makes it seem worth saving. On the other hand, the time must come when we stop stepping in and propping things up.
This would be a good time -- perhaps -- for messrs Buffett, Blankfein, Dimon, Kovacevich, Fink, Gross and other bad asses to saddle up some white horses and ride in. Or perhaps they could be corralled, a la Long Term Capital Management. The etiology isn't as direct as it was back then, but the risks are still somewhat pooled.
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