The TARP Wife's Husband's Company Cut To Junk

Bad news for the TARP Wife, Liz Peek.

Peek, as you’ll recall, recently wrote an anonymous piece for Portfolio about what it’s like to be the wife of a CEO of a TARP recipient.

Fortunately, she dropped enough hints for people to figure out that she was the wife of CIT (CIT) CEO Jeff Peek.

Anyway, it looks like she’ll have to ratchet down her lifestyle once again. Moody’s has just cut the rating on CIT to junk, and it expects that ongoing losses will put its capital ratios in serious jeopardy.

For some more background on the Peeks, check out this NYT profile from about a year ago:

WALKING across his sun-drenched office overlooking Fifth Avenue and the New York Public Library, Jeffrey M. Peek points to a picture on his desk. It is a perfect family portrait, filled with smiling, happy faces on a mountain summit. Perfect, except for one detail: there’s a problem with the guy in the far left corner.

“An ex-boyfriend of my daughter,” he explains, laughing. “I’m trying to figure out a way to cut him out of the picture.”

Read the whole thing >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at