$18 Billion Dollars Has Vanished In CIT Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Commercial Credit And Investment Corporation

CIT Group, Inc. is a large American commercial and consumer finance company, founded in 1908 by Henry Ittleson. The company is included in the Fortune 500 and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. 

   

 

 

 

 

CIT Declares Bankruptcy

In 2008, CIT Group became a bank holding company in order to receive $2.3 billion in Troubled Asset Relief Program. On November 1, 2009, CIT Group filed for Chapter 11 bankruptcy protection.
   

 

 

 

 

 

Think About It

A simple money lender lands in America and starts one of the largest finance companies in history. This lender now has $80 billion in loans outstanding. How much of that $80 billion will be repaid?

Naturally the government won't be looking at who the loans were made to.

 

 

 

 

 

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