The CIT bankruptcy lose-lose

CIT Group Inc's nearing liquidation under bankruptcy protection should go down as one of the Obama administration's great defeats in battling the financial crisis.

It won't, however, mostly because champions of the "free market" will say how another bailout was avoided and they'll herald how competitors took up the slack of CIT's place in the market. They'll also say how the original loan agreement with bondholders kept CIT's demise from becoming a market panic.

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- Posted: 2009-10-05 12:19:09

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