CIT Files for Bankruptcy

58804397Photo: Getty Images

Retail financier and small business lending giant, CIT filed for Chapter 11 bankruptcy on Sunday as a last resort to keep its neon hallways open for business, in the fifth largest bankruptcy filing in the history of the U.S. Despite $4 billion invested in small businesses and last year’s $2.3 billion in bailout money, the company will look to ease its (few) woes from bankruptcy with a $125 million loan from Bank of America Corp. and $1 billion from Carl Icahn as a necessary measure to keep CIT’s influence, as the sixth-largest commercial spender, on the economy to a minimum. [WSJ] [Bloomberg]



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