CIT Bagholders Stuck With 37% Loss

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.

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