Released: November 02, 2009

Lender CIT Group files for bankruptcy

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.

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