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Nov. 2 (Bloomberg) -- CIT Group Inc., the 101-year-old commercial lender that saw its funding dry up in the credit crunch, filed for bankruptcy in an effort to cut $10 billion in debt following a failed debt exchange and U.S. taxpayer bailout.

CIT listed $71 billion in assets and $64.9 billion in liabilities in a Chapter 11 petition yesterday in U.S. Bankruptcy Court in Manhattan. The Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

Well shares of Citigroup are at a market low this morning in the wake of their weak Q3 report, but you can guarantee they will not stay that way for long. If you are looking for a good financial buy in , then this would be a good time to join the herd of vultures that are snatching these stocks up at bargain prices this morning. Currently city banks volum ticker is headed toward sixty million fast with a buy for almost every sell, and citigroup is holding at 4.62 a little below my previous estimate of 4.68 so get in quick if you want them.

Happy stocking...

Although citigroup did its best to shovel off assets before the big game, it still took a meanial loss this quarters earnings report.

Citigroup, Inc. (NYSE: C ) reports Q3 adj-loss of $0.27, versus the analyst <nobr> estimate </nobr> of ($0.38). Revenue for the quarter was $20.4 billion, which compares to the estimate of $20.04 billion.

Q3 tier 1 ratio was 12.7% and tier 1 common ratio was 9.1%. Book <nobr> value </nobr> per share was $6.15.

They took one for the team this quarter, but look soon for this banking giant to be making a comback.

WIth the recent sale of two of its major holdings and amid rising pressure by investors, Citybank should finally have a more sunny skies this quarter.

Over the past few months, the market has climbed upwards relatively quickly, which has eliminated a lot of the deep bargains available. There are still some great deals out there and I’ve been fortunate enough to discover a few, but it’s become much more difficult to find stocks with the highly favorable risk-reward balances we saw earlier this year.

It’s Q season and footnoted regulars know what that means — lots of crazy things buried deep in the filings. Sonya, Kristen and myself spent much of the weekend in our waders working our way through all sorts of filings. Some of the biggest names — Berkshire Hathaway (BRK.A), Yahoo (YHOO), Bank of America (BAC) and Citigroup (C) were filed late Friday and we’ll be posting observations from those filings and others that come in later today over on subscription-only FootnotedPro.