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CIT Group Files for Bankruptcy Protection

Posted by Scott Boyd at 9:01 am EST, 11/02/2009

CIT Group Inc. filed for Chapter 11 bankruptcy protection yesterday capping a tumultuous year that saw the lending giant struggle with $10 billion in debt. The move wipes out both common and preferred stockholders and means the US government will likely lost the $2.3 billion in invested to save the company earlier in the year.

Associated Press

Filed under: Forex Round Up, USD

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