Down 38.49% in 2008, the S&P 500 experienced its worst performance in over seven decades.  In 2009, the S&P 500 bounced back and was up 19.67%.  Notworthy S&P news for small business owners, however, is the fact that CIT Group was booted from the index when it filed for bankruptcy – the 5th largest in U.S. history.   CIT was a HUGE lender to small businesses around the country.   As CIT’s marketing materials put it, “For more than 100 years, CIT has provided capital to small business and middle market customers. These sectors continue to play a vital role in the US economy and in overall employment, representing more than 90 million jobs.” 

Although the bankruptcy was a quick “pre-packaged” filing that had little real impact on its day-to-day operations, the impact on small business remains to be seen given the new shareholders of the company will be debtors, i.e., large financial institutions, and the most recent board members have a financial pedigree that favors big business interests.