Commercial lender CIT files for bankruptcy

FILE - In this July 20,2009 file photo,the logo of the CIT Group is seen in New York. Lender CIT Group filed for Chapter 11 bankruptcy protection on Sunday Nov. 1,2009,a potential blow to the thousands of small and mid-sized businesses that rely on the company for loans to keep their operations afloat. (AP Photo/Seth Wenig,File)

November 1,2009,(Bloomberg) -- CIT Group Inc.,a 101-year-old commercial lender,filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed. . . continue reading.

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