CIT Group is in advanced talks seeking federal aid
NEW YORK (AP) — In a sign the financial crisis is not yet over, CIT Group Inc., the No. 1 lender to small and mid-sized U.S. businesses, is holding advanced talks with the government about receiving emergency federal assistance, officials said Monday.
A main focus of the negotiations, which involve the Treasury Department and other agencies, is CIT’s request to receive help through a Federal Deposit Insurance Corp. program that would guarantee the ailing lender’s debt, two sources briefed on the talks told The Associated Press. They spoke on condition of anonymity because the negotiations are ongoing.
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