Warning: This is what happens at the end of the trash financial merry-go-round.
Shares of CIT (CIT) are off 37% on news that the company is probably headed for some resolution that will leave equity holders with nada. There are still some diehard believers, however, since the stock trades at $1.40.
And even with an adverse outcome all-but-certain, somehow we think we might not have seen the end of the crazy trading on this one. After all, pink sheet-traded Lehman occasionally goes on a run from time to tim. Until it’s over-over, there’s always a possibility of placing a bet.