The meat and potatoes of this bond recommendation are that the new slimmed down, post-bankruptcy CIT is lending to small- and medium-sized businesses.

FORBES: U.S. Bank Bonds Could Face An Irish-Style Cram Down

Other heavily-shorted companies include Washington Mutual, Citigroup, Wells Fargo, Wachovia and Countrywide Financial, all companies with a big exposure to the mortgage markets, and CIT Group, a lender which is trying to raise cash and has shut down some of its lending operations.

FORBES: Magazine Article