If you’re just coming to the story of CIT (CIT) — the possibly, but maybe not systemically important vendor financer that’s near bankruptcy — check out this Bloomberg story on its CEO Jeff Peek, who came to the company in 2003.
(His wife, AKA the “TARP Wife” is pictured here)
Peek’s corporate obituary reads like a million others. Hard charging guy leaves Merrill Lynch after failing to get the job which ultimately went to Stan O’Neal. Eager to make his mark, he rapidly expands CIT, getting into hedge fund and private equity lending and subprime. He makes acquisitions, moves offices from ‘sleepy’ New Jersey, to fast-living Manhattan.
He donates more money to the arts.
For a while it all works great, and Peek is a genius.
And then you know how the story ends. Humbled and hormone-deprived, Peek goes hat-in-hand to Washington, looking for taxpayer cash. With any luck, his string of acquisitions made CIT just big enough to be too big to fail.
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