A TV network's dream -->> Tom Watson takes the lead in the British Open...
In a surprise move, the government will NOT rescue CIT Group
"The cost of protecting CIT debt from default rose 2 percentage points to 36 percent, or $3.6 million, upfront and $500,000 dollars a year, according to CMA DataVision prices for credit-default swaps at 11 a.m. in London. A contract insures $10 million of debt for five years."
....And the WSJ thinks that letting CIT fail is a grave error.-"Without CIT and companies like it, small businesses in the U.S. -- producing half of this nation's gross domestic product -- would be suddenly caught in a financing crunch at a time when the nation needs small businesses to hire workers, fuel production and lead the economy out of recession."