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IPFS News Link • Economy - Economics USA

CIT files for Chapter 11 bankruptcy protection

11-01-2009 • AP

CIT's move will wipe out current holders of its common and preferred stock. That means the US government(TAXPAYERS) will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the ailing company.

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Reported By Jean Carbonneau

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