Cit Group vs. Citigroup: The difference and bankruptcy

As you may have read in a recent post published CIT group have listed $71 billion in assets and $64.9 billion in liabilities in a Chapter 11 petition yesterday at a U.S. Bankruptcy Court in Manhattan. This group is not to be confused with Citigroup.

CIT group are a commercial lender that have lent to over one Million businesses. CIT has provided lending, advisory, and leasing services to small and middle market businesses guided by unparalleled industry expertise and focus. The company received $2.3 billion from the Treasury on December 31st last year to stave of bankrupcy. To read more on CIT group go to cit.com.

Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in 1998 It is a primary dealer in US Treasury securities. Citigroup Inc. has the world’s largest financial services network, spanning 140 countries. Even this group needed a bail out by the government in November 2008.To read more about Citigroup go to wikipedia.org. why not give your answer to answers.yahoo.com.