CIT - Another century old company fails?

WSJ reported in that CIT has $1B due in mid-August and may fail for bankruptcy. CIT received $2.3B in TARP funds, but failed to get approval for further government funds.

Its a shame that so many century old companies have fallen victim to the recent financial crisis. Bear Stearn, Lehman, and General Motors.

Maybe the financial crisis isn't over and we might see a retest of the March lows. Unemployment isn't improving. The states' budget deficit is not improving.

Things just not quite improving.