CIT Scrambles For Cash, Ally As Woes Mount

When Jeffrey M. Peek took the helm of CIT Group Inc. in 2004, the company had a reputation as a sleepy, but reliable, lender to small and midsize businesses. Today, CIT is reeling.

The situation, some say, has its roots in Mr. Peek's attempts to rejuvenate the New York company. A veteran Wall Street investment banker, Mr. Peek steered CIT into investing heavily in subprime mortgages. It bought a student-loan company. And instead of holding many of its loans on its books, CIT sold them to outside parties.

The strategy, at first, appeared to be working. CIT's shares, trading for about $35 when Mr. Peek became chief executive officer, approached $60 in early 2007.

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- Posted: 2008-03-24 09:03:50

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