17
July
US refusal to bail out lender CIT leaves retailers in jeopardy
17 July 2009 The Guardian UK
The Obama administration has refused to rescue one of America's leading lenders to small and medium-sized businesses, CIT, raising the prospect of bankruptcy which could imperil thousands of shops' ability to stock their shelves for Christmas.
Negotiations over a government bail-out of CIT broke down last night, leaving the future of the New York-based finance company hanging in the balance. Although a little-known name to the public, CIT has lent more than $60bn (£37bn) to shops, restaurants and manufacturers, many feeling the pain of the recession.
http://www.guardian.co.uk/business/2009/jul/16/lender-cit-bailout-refused
