CIT talks fall apart, bankruptcy looms

Reuters reports:

CIT Group Inc, a lender to hundreds of thousands of small and mid-sized U.S. businesses, said on Wednesday that bailout talks with the government had ended, a development that could ultimately drive the company into bankruptcy.

The announcement followed last-ditch talks in which Treasury officials had expressed concern about a worsening liquidity crunch at the 101-year old lender and indications that government aid would not put it on a path to recovery.

You'll be hearing more about this.