Shares in CIT, the US small-business lender, fell 75 per cent on Thursday after the failure of government bail-out talks prompted fears of a bankruptcy filing. The company was scrambling on Thursday to obtain last-minute financing commitments from lenders that could help CIT persuade the Federal Deposit Insurance Corporation to allow it to transfer assets to its banking subsidiary. However, chances of success were slim,

This entry was posted by Paul Murphy on Friday, July 17th, 2009 at 5:32 and is filed under Capital markets. Tagged with CIT, fdic.. Edit this entry.