CIT Bankruptcy Shows that It is Time to End TARP
David C. John /
Sunday, CIT Group, with $71 billion in assets one of the largest small business lenders in the country and the recipient last December of $2.3 billion in taxpayer money filed for bankruptcy. It was the fifth largest bankruptcy in US history.
Monday, nothing much happened. Stocks didn’t collapse. There was no panic. In fact, all of the major US stock indices actually went up. Even a tracker of all of the financial stocks in the S&P 500 stock index only lost about 0.14 percent. CIT’s failure was pretty much a complete non-event.