Another One Bites The Dust.

Another One Bites The Dust.

After Bondholders tried so valiantly to get a deal done with the company in order to avoid bankruptcy or government intervention (both which would likely wipe them out), CIT Group Filed for Chapter 11 Bankruptcy protection. The U.S. Government injected about $2.3 billion last year and will not be re-cooping it (thanks Uncle Sam). CIT Group is one of the largest commercial and business lender in the U.S. They have been struggling to avoid bankruptcy the second half of this year, and even with bondholders attempting to keep them afloat with a debt-exchange offer, they just couldn't make it without bankruptcy. Where is the legislation to help the smaller institutions survive to fill the gaps?

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