Analysts say CIT bankruptcy will likely have “more of a psychological effect” than anything else right now. CIT’s operating subsidiaries, including CIT Bank, were not part of the filing and are expected to continue operating. The size of its bankruptcy comes short of only Lehman Brothers, General Motors and Enron. The bankruptcy hands the Treasury Department a $2.3 billion loss to its Troubled Asset Relief Program. Its stock price has dropped more than 60 percent in 2009.”]
Source: https://www.bankinfosecurity.com/cit-files-for-bankruptcy-a-1902