Saturday, July 18, 2009

Small Business Unites In Last Minute Plea to Geithner

Yesterday, as dusk began to settle on the fate of CIT Group Inc.(CIT), a consortium of small-business oriented trade groups sent the letter below to Treasury Secretary Timothy Geithner himself. The letter was co-signed by thirty two (32) separate trade organizations that ranged from Snowsports Industries America, Inc., to the National Cotton Council. The basically one page letter addressed the concerns of these groups in blunt fashion, notably:
"Without CIT, thousands of retailers may be forced out of business because their suppliers will be put out of business. Such a ripple effect could set back the recovery of the manufacturing and retail sectors, and therefore the US economy, by several years"

"The number of jobs that depend on the successful outcome of the CIT crisis is immeasurable"

Unfortunately, this letter fell upon deaf ears, probably because Mr. Peeks was unable to accumulate enough "friends" in Washington during his tenure at CIT.

Letter to Geithner On Behalf of CIT and Small Business Sphere: Related Content

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