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Article: Bailout refusal puts CIT at brink
- Article from:
- The Record (Bergen County, NJ)
- Article date:
- July 17, 2009
- Author:
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RICHARD NEWMAN, STAFF WRITER
The Record (Bergen County, NJ)
07-17-2009
Bailout refusal puts CIT at brink -- Lender's stock plunges
By RICHARD NEWMAN, STAFF WRITER
Date: 07-17-2009, Friday
Section: BUSINESS
CIT Group Inc. shares plummeted Thursday amid concerns the commercial lender, which has a large operation in Livingston, may go bankrupt because bailout talks with the government broke down.
Experts say a bankruptcy filing by CIT, which serves about a million small and midsize companies, may be unavoidable, putting hundreds of New Jersey jobs at risk, and perhaps making it more difficult for small businesses to get loans. The century-old lender employs 938 in New Jersey, including 885 at its ...