Shares in CIT, the embattled US small business lender, plunged more than 70 per cent yesterday after the failure of government bail-out talks prompted growing fears of a bankruptcy filing.
If the group were to file for Chapter 11 protection, it would be the fourth-largest bankruptcy by assets in the United States.
The regulators' decision not to save the lender has drawn a new line in the sand for financial institutions hoping for government assistance.
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