At this point not much else to say that hasn’t been said - from the Wall Street Journal

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11, these people said.

Several questions (some that I highlighted last evening):

1. Will CIT Bank be taken over by the FDIC late this evening? If so, at what cost to the fund?
2. How will the credit markets respond, will they lock up?
3. Will small business be impacted?
4. What long term economic impact will this have? *
5. While I do not support bailouts of such firms, one has to ask why the Government decided CIT is too small to save and why are they remaining silent?
6. Who will truly profit from a CIT Bankruptcy?

Keep your eyes open.

*You know there are government economists running numbers/projections on such a situation.

Related posts:

1. It has happened – CIT files for bankruptcy
2. Are GM and Chrysler wondering what a “controlled” bankruptcy is? I am.
3. Visteon files for Chapter 11 bankruptcy protection
4. Is it bankruptcy for Lehman Brothers?
5. CIT debt swap struggles, bankruptcy looms