Facing Declining Markets, Lender Resorts to Emergency Financing
Saturday, July 5th, 2008By Eric Dash
THE NEW YORK TIMES
Even as financial shares led a stock market rally on Thursday, the crisis in the credit markets threatened to engulf one of the nation’s largest commercial finance companies.
The CIT Group, a century-old company that lends money to small businesses and midsize corporations, was forced to draw on $7.3 billion of [...]
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