http://news.yahoo.com/s/nm/20091102/bs_nm/us_cit_6


The bankruptcy is also a blow for the U.S. government, which invested $2.33 billion in CIT in December through the Troubled Asset Relief Program and will likely lose most of it.

Taxpayers will receive money only after bank debt and bond investors are repaid. The bankruptcy would translate to the first realized loss for the government from TARP, although it may recover some funds over time.