STEVE INSKEEP, Host: NPR's business news starts with a big lender filing for bankruptcy.</s>STEVE INSKEEP, Host: The government lent CIT more than $2 billion a year ago. Taxpayers will probably lose that money as a result of the bankruptcy filing. CIT has been struggling for months and sought another government bailout over the summer, unsuccessfully.
CIT Group Inc. provides financing to about 1 million small and mid-sized businesses. Its bankruptcy filing Sunday could be one of the biggest in U.S. corporate history. The government lent CIT more than $2 billion a year ago. Taxpayers will probably lose that money as a result of the bankruptcy.