by Calculated Risk on 11/13/2008 10:54:00 AM

Rumor has it Petco is applying to become a bank holding company (just kidding - from BR!).

From the WSJ: CIT Looks to Transform Into Bank

Commercial lender CIT Group Inc. said it has applied to become a bank holding company, looking to access part of the Federal Reserve's $700 billion in funds being pumped into financial companies and to participate in the Treasury Department's $250 billion capital-infusion program.