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Have been upheld speaking about uphill battle selling -- CIT group anytime soon particularly to big US bank it has nothing to do.
District court is office that Charlie Gasparino.
-- so and I write its losses and some food.
Yeah I -- you're Smart hearings yeah -- here -- -- -- -- the -- -- may -- the -- in the room is what is his office look like now remember typified the Oval Office is right here does he like you got the hang out all the time.
Note all but it I'm not not -- Let's just be clear one of the reasons wouldn't these things that John please note that when he was manager CEO which was -- -- -- Ridiculously expensive -- office with a 35000 dollar commode analog before it was a toilet.
And many other fixtures I don't believe me ask -- -- later just -- finish okay.
We -- what I bring your question analyst yeah just one just let me finish the -- I was looking much better -- yeah.
But there's good news story here but but but want people watch.
We want to bid to -- in the U.
Got time okay my nose is itching to the most speaks with the air and it.
Anyway he does not have the same -- it's a very it's described to me as lots of format -- -- and plastic.
Very low key no commode is -- it no expensive paintings.
And you know it kind of looks like an insurance office.
-- say okay got that -- like CIT he's learned his lesson.
Now the bigger question is can he actually sell CIT to a big UAE big US bank systemically important bank.
John -- and -- everybody knows wants to work back on Wall Street wants around one of these places.
Here's what we know right now.
Since the London will trading mishap -- six billion dollar error that was failed to it could be quite by.
The best manage risk managers in business over JPMorgan Chase from what I understand what bankers are telling me.
Regulators have clamped down on major acquisitions.
By the sixth six or so systemically important banks who would that be.
And be whales BankAmerica Citigroup Goldman Sachs go down -- -- big players not talk about small players they are really worried when these banks are not just too big to fail.
But to be to manage so what would what bankers are saying right now.
And maybe after the election is not gonna be a major acquisition -- that the regulators are really put the Clinton does that -- zero none I don't know I could just tell you.
That they'd look at Citi CIT group has been a typical acquisition -- -- 222 reason why is that well what is CIT group do.
It lends to small and medium size business has -- do that.
What -- it does that do some so leveraging you know they have a factoring business they don't have a deposit base -- -- it's a little more complicated.
And it's a little more risky posted this the price tag of this thing if it did sell would be something like ten billion dollars so we're not talking about a lot of people saying.
This is a very difficult sale for John -- to do in the US.
He's gonna have a bigger and a half an easier time in Canada if the regulators in Canada -- -- but as you know Canadian regulators are pretty tough -- that's -- we are right now.
Difficult time to sell CIT but say it's impossible it's just difficult the regulators are clamping down following London well.
So factor that -- combine the stock and number two -- affecting this and he's doing a pretty good job running CIT.
He's on the restricted list from make -- acquisition spite effective -- they were in bankruptcy but he gets lifted off that list soon.
So I'm -- forty other -- I can't say whether that's a good price but -- this thing has been run by a guy that doesn't have enough brains not to re decorate his office.
-- -- -- Pretty well.
So what's the likelihood or why not just leave CIT standalone.
I think -- as well John Thain wants it you know with all these guys wanna get the stock price up and they wanna like you know -- -- -- master of the universe.
And he thinks he could -- -- to bite by selling the thing in emerging as a possible candidate to replace whoever.
But some people talk about degrees.
-- Citigroup bought him and then like Vikram Pandit is not considered a great manager.
Has a number to a -- name is a good operational guy he's just like to kind of blind spot you know -- his office in the middle but.
Financial crisis DS for bonus -- -- -- get bailed out.
He's put operationally you know them to be let's be honest he's actually knows what he's doing.
He's just -- got home debt.
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