Comments on: On the SEC and CIT… http://www.footnoted.com/sec-stuff/on-the-sec-and-cit/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Michelle Leder http://www.footnoted.com/sec-stuff/on-the-sec-and-cit/comment-page-1/#comment-8961 Michelle Leder Wed, 15 Jul 2009 00:03:15 +0000 http://www.footnoted.com/?p=4023#comment-8961 @Anon: Thanks for clarifying that for me (and other footnoted readers). I don't know why I can't keep the two straight in my head, but always appreciate it when readers who are smarter than me correct whatever mistakes that I make! @Anon: Thanks for clarifying that for me (and other footnoted readers). I don’t know why I can’t keep the two straight in my head, but always appreciate it when readers who are smarter than me correct whatever mistakes that I make!

]]> By: Anon http://www.footnoted.com/sec-stuff/on-the-sec-and-cit/comment-page-1/#comment-8960 Anon Tue, 14 Jul 2009 23:52:27 +0000 http://www.footnoted.com/?p=4023#comment-8960 Just to clarify, UPLOADS are letters sent by the SEC, and CORRESP are letters sent by the company. I agree that the letters can be difficult to find. Often, the easiest thing to do is to just look at the CORRESP (i.e., company correspondence) because generally companies or law firms responding to staff comments will simply recite the staff's comments in the correspondence they send back to the SEC. I think the timing issues relate to the concept that the letters historically have not been viewed as a method of disclosing material information to investors. In other words, if the problems identified in the letters are that material, then the filing to which it relates should be amended in response to the comments. With that said, I agree with you that investors do rely on these letters to flesh out issues within the company and to see what the SEC identifies as potential issues or areas where the company should provide an explanation. Just to clarify, UPLOADS are letters sent by the SEC, and CORRESP are letters sent by the company. I agree that the letters can be difficult to find. Often, the easiest thing to do is to just look at the CORRESP (i.e., company correspondence) because generally companies or law firms responding to staff comments will simply recite the staff’s comments in the correspondence they send back to the SEC.

I think the timing issues relate to the concept that the letters historically have not been viewed as a method of disclosing material information to investors. In other words, if the problems identified in the letters are that material, then the filing to which it relates should be amended in response to the comments. With that said, I agree with you that investors do rely on these letters to flesh out issues within the company and to see what the SEC identifies as potential issues or areas where the company should provide an explanation.

]]> By: Vintage Filings http://www.footnoted.com/sec-stuff/on-the-sec-and-cit/comment-page-1/#comment-8952 Vintage Filings Mon, 13 Jul 2009 20:35:46 +0000 http://www.footnoted.com/?p=4023#comment-8952 Could be something to uncover. Why don't we leave Palin and Michael alone and start focusing on real issues again. In all probability there are a string of scandals and schemes yet to be opened. Could be something to uncover. Why don’t we leave Palin and Michael alone and start focusing on real issues again. In all probability there are a string of scandals and schemes yet to be opened.

]]> By: Frank Graham http://www.footnoted.com/sec-stuff/on-the-sec-and-cit/comment-page-1/#comment-8951 Frank Graham Mon, 13 Jul 2009 15:54:11 +0000 http://www.footnoted.com/?p=4023#comment-8951 2 Marketwatch stories just now on this story. Do DD. CIT bankruptcy would fuel suspicion on Wall St. 11:39a ET July 13, 2009 (MarketWatch) NEW YORK (MarketWatch) -- CIT Group Inc. isn't a part of the Wall Street power circle, and that's made it susceptible to trouble as it faces mounting loan losses. ----------- Struggling CIT in talks to secure liquidity 11:48a ET July 13, 2009 (MarketWatch) LONDON (MarketWatch) -- CIT Group officials were scrambling over the weekend to improve the group's funding position amid fears that nervous customers could start withdrawing their funds, according to media reports, and as Treasury Secretary Timothy Geithner said he's closely following the saga. Separately Bloomberg reported Monday that CIT believes its demise would put 760 manufacturing clients at risk of failure and precipitate a "crisis" for up to 300,000 retailers. Internal CIT documents seen by Bloomberg claim a collapse would create a ripple effect on the small and medium businesses that rely on CIT to be able to pay their vendors that ship goods and make their payroll payments, the report said. 2 Marketwatch stories just now on this story. Do DD.

CIT bankruptcy would fuel suspicion on Wall St.
11:39a ET July 13, 2009 (MarketWatch)
NEW YORK (MarketWatch) — CIT Group Inc. isn’t a part of the Wall Street power circle, and that’s made it susceptible to trouble as it faces mounting loan losses.

———–
Struggling CIT in talks to secure liquidity
11:48a ET July 13, 2009 (MarketWatch)
LONDON (MarketWatch) — CIT Group officials were scrambling over the weekend to improve the group’s funding position amid fears that nervous customers could start withdrawing their funds, according to media reports, and as Treasury Secretary Timothy Geithner said he’s closely following the saga.

Separately Bloomberg reported Monday that CIT believes its demise would put 760 manufacturing clients at risk of failure and precipitate a “crisis” for up to 300,000 retailers.

Internal CIT documents seen by Bloomberg claim a collapse would create a ripple effect on the small and medium businesses that rely on CIT to be able to pay their vendors that ship goods and make their payroll payments, the report said.

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