CIT Group president following
other managers out the door
CIT Group Inc., one of the nation's largest lenders to small and midsized businesses, said Monday that president and chief operating officer Alexander T. Mason will leave the company later this month. It is the latest in a series of top management departures at the Manhattan-based company, which emerged from a quick stay in bankruptcy court on Dec. 10. CIT Group last month also announced the resignation of two directors and the appointment of three outsiders to its board of directors.
MSG closes on $375M credit
for capital expenditures
Madison Square Garden has closed on a $375-million, five-year line of credit, the Cablevision spinoff company said. The credit line will be used for MSG's working capital needs, ongoing capital expenditures and other general corporate purposes, the company said in a Friday statement. J.P. Morgan Securities Inc. acted as sole lead arranger for the credit line, with additional support from a group of 10 banks. Cablevision is the parent company of Newsday.Stocks climb on economic
reports, manufacturing gains
Encouraging economic reports lifted stocks Monday and bolstered hopes the recovery is in better shape than many had believed. Energy stocks led the market higher following a strong earnings report from Exxon Mobil Corp. Gains in manufacturing also gave the market a strong start to February. The Dow rose 118.20 points, or 1.2 percent, to 10,185.53. The Standard & Poor's 500 index rose 15.32, or 1.4 percent, to 1,089.19. The Nasdaq index rose 23.85, or 1.1 percent, to 2,171.20.From staff and wire reports