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Seeking Alpha’s Eli Hoffman puts yesterday’s CIT bankruptcy filing–the fifth largest in US history–in context:
CIT Group (CIT) filed for bankruptcy protection Sunday with broad support from its debtholders, but taxpayers will lose the $2.3B invested in CIT, marking the first definitive loss in the government’s rescue of the financial system.
Nearly 90% of CIT’s bondholders voted in favor of the prepackaged bankruptcy, which CIT saysSource: Business Pundit RSS Feed
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