Geithner Says U.S. Has Authority to Address CIT

Treasury Secretary Timothy Geithner said the U.S. government has the authority and the ability to address the crisis at CIT Group Inc.

“I’m actually pretty confident in that context we have the authority and the ability to make sensible choices,” he said in response to a question at a press conference in London. “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.”

CIT, a century-old lender based in New York, hasn’t been able to persuade the government to back its debt sales and says its failure risks the demise of its customers. Geithner declined to comment on measures the government might take, such as providing a debt backstop or additional capital from the $700 billion Troubled Asset Relief Program.

Read Full Article from Bloomberg

- Posted: 2009-07-13 10:15:17

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