Administration Denies CIT Group Further Aid

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New York–based small-business lender CIT Group's talks with the Treasury and Federal Reserve about a possible infusion of government support have come to a bitter end. There is "no appreciable likelihood" of any more help from the administration, the company says, and it's looking like the company, which halted trading this afternoon with shares at $1.65, will likely have to file for bankruptcy. Brutal. While we're relieved that the administration seems to be closing the purse strings for financial institutions, this is pretty terrible news for New York: CIT has around 4,830 employees, many of whom are in New York City, where the company is headquartered. [WSJ]