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To: Ed Person who wrote (22032)	2/2/2000 8:29:00 AM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

Dan CIT more than you wanted to know first it is not a bank it's a commercial finance company primarily in asset based lending and factoring 30 years ago there were 50+ companies in this business mainly NY private Jewish owned dealing with the textile and clothing industry (99% Jews) and the retailers (90% Jews) close knit business well run, very profitable in the 60's and 70's the banks in an urge to diversify started to buy them out buy 1980 or so there were maybe 20 banks in this and another dozen or so family run ones the top 10 had 80% of the business of course the banks messed up the business when they "bankerized" it in the 1990 bank crisis they started to sell off "side" units so by 1995 there were maybe 10 left with the top 5 having an 80% market share by 1998 there were 4 left CIT HF FNV and Bank of New York BNY sold their unit to GM last year so there are 3 players left I'm in CIT + FNV right now great business low P/E's all loans are secured, mainly by A/R and Inventory and all are on floating rates so not subject to interest rate issues I no longer have any contacts in this business but still have a few skull caps left from the days of being one of the few "goys' in the induetry