CIT’s filing for bankruptcy. We have questions, and you may too.
Q: Who is CIT Group?
A: CIT Group is a commercial and consumer financier. Basically, they extend lines of credit to their clients – in this case, small-to-medium sized American businesses. With credit markets in turmoil, operating costs outpaced their received payments. The government handed over a $2.33 billion cut of the Troubled Asset Relief Program, to ensure CIT could keep up its basic overhead. It seems that was not enough, with the corporation narrowly avoiding Chapter 11 for some time now. (more…)
