Lender CIT Group filed for Chapter 11 bankruptcy protection Sunday, one of the biggest Chapter 11 filings in U.S. corporate history. The move will likely mean the U.S. government will lose the $2.3 billion it sunk into CIT last year to prop up the ailing company. But the government could have lost billions more.
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Full story at http://www.npr.org/templates/story/story.php?storyId=114376526&ft=1&f=1006
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