Money | CIT Group Mega-Lender CIT Files Chapter 11 Bailed-out firm's move will cost government $2.3B By Marie Morris Posted Nov 1, 2009 4:43 PM CST Copied Jeffrey Peek, who has said he will resign as chairman and CEO of CIT Group Inc. at the end of 2009, talks during the dedication of the CIT global headquarters in New York, April 27, 2006. (AP Photo/Mark Lennihan, file) CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71 billion in assets and $64.9 billion in liabilities, to emerge from bankruptcy protection by the end of the year, CNN Money reports. Read These Next Beyonce leaves national anthem unfinished. A space capsule carrying ashes of 160 people crashed in the ocean. A lesson in minding your own business ... at 30,000 feet. The death toll in the Texas floods has risen to 27, including 9 kids. Report an error