Wilbur Ross Not Taking Any Chances on FDIC Rules
Although it's not yet been posted to the FDIC's comment page, Wilbur Ross has submitted his two cents to on the agency's onerous reform proposals for buyout firm investments in banks, he told Bloomberg. Once the loudest proponent of bank investing, Ross said his firm, WL Ross & Co., will "never again" submit a bid for a failing bank under the proposed set of rules. Those are strong words coming from someone who attended Sheila Bair's roundtable discussion in early June and walked away calling the meeting "highly productive." I suppose his speaking out is just a matter of taking extra care to ensure the FDIC hears and abides by his concerns. Maybe he's also trying to scare up more support from his bank-buying private equity peers. Their comments are suspiciously absent from the the FDIC's comment board, which has garnered a few more letters since we last checked in.
