CIT heads to bankruptcy

[saveliberty]

CIT Group's biggest hurdle: Keeping customers - Yahoo! News

What does this say about stimulus support to small business? Does anyone know if commerical property loans were an issue here?

 

[The Rabbi]

CIT was headed down this road a long time ago. I remember when they bought GreenTree financial. They paid something like $1B for it and a few years later wrote down the acquisition to zero. This had to be 10 years ago.