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Advocacy group protests CIT Group deal for OneWest Bank
Advocacy group protests CIT Group deal for OneWest Bank

National business banking lender CIT Group Inc. stands to collect more than $1.4 billion from federal regulators to cover future losses should its purchase of OneWest Bank in Pasadena be approved. News of the loss coverage, part of a Freedom of Information Act disclosure obtained by the California Reinvestment Coalition, has enraged the public advocacy group as one more major government subsidy in a deal that also is enriching billionaires and top OneWest managers. "This new information confirms that this proposed deal would be subsidized by the government to the tune of nearly $5 billion," said Kevin Stein, the coalition's associate director. Particularly galling to the...

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