Major Business Lender Against Ropes
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CIT, a major lender to small- and medium-sized businesses today sought federal help to avoid a potential collapse.The institution's woes could hurt already struggling businesses that rely on CIT for cash flow lines of credit that allow them to keep inventory at proper levels. As a result, some experts arespeculatingthat consumers could see less variety on retailers' shelves come fall and extending through the holiday shopping season.
Meanwhile some critics are pointing out that the Obama Administration has failed so far to step forward with a bailout. Some are piling the CIT situation atop a litany of complaints they say add up to an anti-business administration.
"Letting them fail is another huge blow to companies in our realm,"Brett Parker, chief financial officer for Strike Holdings LLC, a bowling alley chain, told theWall Street Journal.
