The Day Before Friday Failures

Jumping the gun, the FDIC seized Bank United today and sold it to a consortium of private equity buyers. As you all know they agency usually waits until the close of business on Friday to take over a bank.

This is probably going to be controversial. Not because they closed down the bank — it was comatose– but because they let the nose of the private equity camel under the tent. 

Here is a link to the FDIC announcement and to a MarketWatch article.

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