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Thales has been awarded a contract by Russian Aircraft Corporation MiG (RSK-MiG) to deliver IFF1 Combined Interrogator Transponder (CIT) and Cryptographic National Secure Mode (NSM), for the retrofit of the MiG-29 multi-role fighter aircraft of the Indian Air Force. The first CIT will be delivered to RSK-MiG in 2010 and the first building block of a comprehensive secure identification capability in India mid-2011. The IFF CIT equipment chosen in the TSB 2500 family offers a modern digital identification capability, compliant with the NATO Standard MKXA2modes. It will enable Indian Air Force MiG-29 fighter aircraft to be interoperable with western military...

The U.S. Treasury has officially lost its entire $2.33 billion TARP investment in CIT Group(CIT Quote), according to a company filing with the Securities and Exchange Commission after Monday's closing bell. CIT Group is the largest loss on record under the TARP, though AIG (AIG Quote) General Motors, GMAC, Fannie Mae(FNM Quote), Freddie Mac(FRE Quote), Chrysler and Citigroup each owe the Treasury at least $10 billion each, according to ProPublica

n the wake of the crumbling of certain sandcastles in the sky, sovereign wealth funds in the middle east have baited our analytic gaze over the last month or so. It takes very little, therefore, to prompt us to take careful notice now just about whenever one is mentioned. Today, the Kuwait Investment Authority (hereinafter the "KIA") and its brutal body-blow to Citi demand our attention. While pinning solid figures on any of the sovereign wealth funds in the middle east is a speculative effort at best, it is difficult to come up with figures much smaller than $150-200 billion...

Video at site We had professor William Black on TechTicker this morning. A former regulator who handled the S&L resolution, Prof. Black remains appalled at how this latest round of bailouts has been handled. Case in point? CIT Group. Once again, the white knight who stepped in to save the company--the U.S. taxpayer--gets completely hosed. It didn't have to be this way, says Prof. Black. And the man responsible is Treasury Secretary Tim Geithner. Peter Gorenstein: Another one of the nation's largest lenders has filed for bankruptcy. On the brink for months, CIT filed for Chapter 11 protection on Sunday....

CIT Group Inc. filed for bankruptcy Sunday afternoon, after getting approval on most of the details from its creditors. At risk, though, is $2.3 B in taxpayer bailout money, much of which is unlikely to ever be recovered, thus making it the single biggest loss for TARP. CIT is the fifth-largest bankruptcy in the history of the country, in terms of assets, and the company has posted more than $5 billion in losses in the last nine quarters. And once again with the bankruptcy of CIT, Goldman shows the world it is run by a sharper crew of money men...

CIT Files Chapter 11, 76.5% Of Creditors Vote For Prepack (90% of 85% Voting) http://www.zerohedge.com/article/cit-chapter-11

Commercial Lending Giant CIT Files Bankruptcy Government to likely lose $2.3 billion it spent to prop company up last year NEW YORK - Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses. CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders have overwhelmingly approved a prepackaged reorganization plan which will reduce total debt by $10 billion while allowing the company to continue to do...

Update | 3:46 p.m. Three months ago, the CIT Group barely averted what it considered to be a ruinous bankruptcy filing that would likely have put the 101-year-old lender out of business. On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year, under the control of its debtholders. (Read the filing after the jump.) The filing, made in a Manhattan federal court, will still mean much pain for many parties, beginning with taxpayers. CIT received $2.3 billion in...

The $2.3 billion in taxpayer money spent to save CIT Group Inc. is likely to be wiped out, as the lender prepares to file for bankruptcy protection in a high-stakes restructuring plan aimed at keeping the firm in business. People familiar with the plan said CIT, a major lender to small businesses, intends to file for bankruptcy-court protection in New York within days, perhaps as early as Sunday or Monday. Financial firms such as CIT have historically been sold off or wound down after a Chapter 11 filing, for fear that customers will draw down lending lines and cause a...

NEW YORK (Reuters) - Troubled lender CIT Group Inc said on Tuesday it has delayed filing its second-quarter report with regulators and said if it could not complete its debt tender or arrange other financing, it would file for bankruptcy. CIT is still reviewing assets and businesses that it may sell as well as the related valuation adjustments that must be included in the quarterly report, it said in a filing with the U.S. Securities and Exchange Commission. New York-based CIT, which last month secured $3 billion in emergency funding from bondholders, has been battling to restructure its debt and...

We've become slightly famous for accurately predicting the demise of several iconic America companies, including the original AT&T, GM, Fannie Mae, Freddie Mac...

WASHINGTON (Reuters) - In leaving CIT Group Inc to sink or swim on its own, U.S. officials are gambling that financial markets and the economy are now strong enough to withstand the possibility a big lender collapses. On Wednesday, ten months to the day after the bankruptcy of Lehman Brothers exacerbated the global credit crisis, CIT said bailout talks with the government had ended, a development which may push the 101 year old company closer to failure. Judging from the calm reaction in credit and stock markets on Thursday, it appears investors think leaving CIT to fend for itself is...

Yesterday saw one TARP recipient, Goldman Sachs, report $3.44 billion in profits even as another, CIT, teeters on the edge of either bankruptcy or another taxpayer bailout. Which way CIT will tip remained unclear as we went to press, but its very plight shows how the government's approach to systemic risk has created groups of financial "haves" and "have nots." What the Goldmans of the world have in addition to profits is the widespread belief that they are too big to fail. Both Goldman and CIT converted into bank holding companies at the height of the financial panic last fall,...

The first, which will have the most visible impact on John/Jane Doe, is in relation to California's financial woes and their issuance of IOUs. While certainly rare enough (fortunately), the issuance of IOUs by a state in lieu of payments isn't without prescedence. California did the same thing back in '94. What has changed between then and now, is the response of banks to the issuance. Back in 1994, the banks all accepted the IOUs as legal tender, so once the public got over the initial shock, they quickly found that they could deposit the scrip into their accounts and...

WASHINGTON -- U.S. government officials are in advanced talks about providing some sort of aid to CIT Group Inc., one of the country's primary lenders to small and midsize businesses, people familiar with the matter said. Outside CIT offices Monday in New York. The U.S. might aid the lender. CIT has been battered by heavy losses, but so far, regulators haven't deemed its problems big enough to pose a threat to the broader financial system. Government officials are worried, however, about unforeseen consequences that a CIT collapse could trigger. The Obama administration has struggled to launch a program to spur...

The indeces lost territory for their fourth straight week last week. So, this weakness started about three weeks prior to the last jobs numbers. Stock futures look to be down slightly this morning. The Dow will test 8100 at the open. S&P looks down 5.5 and the NASDAQ is down 6. The markets in Asia were down across the board. The Chinese Hang Seng was down 2.56%, the Japanese NIKKEI was down 2.55%, while the Straits Times Index in Singapore was down 1.79%. Meanwhile, in Europe, it was the reverse. The British FTSE was up 1.18%, the German DAX was...

The Treasury Department and CIT Group Inc. (CIT) have reached agreement on the government buying $2.33 billion of preferred stock and warrants in the lender as part of Treasury's $700 billion bailout program for the financial industry. Shares on Tuesday gained 6.7% to $4.46, building on gains that put the stock up one-third this month. But it is still down 81% this year. The deal means CIT, which makes loans to businesses and individuals, has succeeded in its bid to become a bank holding company, a requirement to take part in the government's Troubled Assets Relief Program. The company had...

Lender says it can't get capital to pay off debt and finance commercial lending from other sources due to crippled credit market. Commercial and consumer lender CIT Group Inc. said Thursday it tapped its $7.3 billion credit lines to repay debt and finance its commercial lending and is seeking additional funding sources as access to capital has dried up. CIT Group said it cannot get capital from other sources amid continued deterioration of the credit markets. Aside from looking for new funding, CIT Group said it would also consider selling non-strategic assets and business lines to help raise cash. Shares...

FBI Takes Computer Servers From Internet Chat Room Company Feb.24,'04 The Associated Press POWELL, Ohio (AP) - Federal agents conducting an Internet crime investigation confiscated computer equipment and data files from a company that hosts private Internet chat rooms, an FBI spokesman said Tuesday. Agents took computer servers from CIT Hosting while executing a search warrant Feb. 14 at a house in the Columbus suburbs, FBI spokesman James Turgal said. He would not elaborate on the investigation other than to say it concerns "cyber crime" and is not terrorism-related. "According to the warrant, it appears that the bureau is investigating...

NASA's Ion Engine Runs for Nearly 5 Years: No Problems The future is here for spacecraft propulsion and the trouble-free engine performance that every vehicle operator would like to see, achieved by an ion engine running for a record 30,352 hours at NASA's Jet Propulsion Laboratory, Pasadena, Calif. The engine is a spare of the Deep Space 1 ion engine used during a successful technology demonstration mission that featured a bonus visit to comet Borrelly. It had a design life of 8,000 hours, but researchers kept it running for almost 5 years -- from Oct. 5, 1998, to June...

NEW YORK (CBS.MW) - Shares of Tyco International lost more than a quarter of their value Monday after Dennis Kozlowski resigned as chairman and chief executive of the diversified conglomerate amid reports that he is under criminal investigation for allegedly avoiding New York sales taxes. The company said in a statement that Kozlowski had decided to leave the company for "personal reasons." John Fort, who served as Tyco chairman and CEO from 1982 to 1992, will assume executive responsibilities until a permanent replacement can be hired. The stock had tumbled $5.94, or 27 percent, to $16.01 by late afternoon trade....