CIT Group Files For Bankruptcy

Nov 05, 09 CIT Group Files For Bankruptcy
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CIT Group filed for bankruptcy under a pre-packaged deal that will allow the company to file for Chapter 11 yet emerge from court protection after a year.  This will be the largest company since Lehmann Brothers to file for bankruptcy.  In addition to CIT, dozens of banks have gone under this year, casualties of a bloody, ongoing recession.

CIT Group is a bank holding company and a commercial lender.  This company has its hands in a diverse number of pots.  It held $71 billion in assets and another $65 billion in liabilities.  This bankruptcy comes as no surprise to many on Wall Street.  Although this has had a negative impact on Wall Street, it will not have as big an impact as the other collapses did.

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