Source: Tomoeh Murakami Tse, Washington Post ( Free Registration )

CIT Group, a major lender to small and medium-size businesses, filed for bankruptcy protection Sunday afternoon, a process that almost certainly will wipe out the federal government’s $2.3 billion investment in the company.

CIT is the first firm to fail after being bailed out by the government.

Read Full Article: Lender CIT Group files for bankruptcy