DealZone

Wilbur still wants a bank

January 7, 2009

Wilbur RossWilbur Ross is still in the running for a bank, although his plans to buy one were delayed when the U.S. government stepped in with its $700 billion package to bail out the sector, the investor told CNN Money in an interview.

The rescue package delayed Ross’ plans by six to 12 months, the report said.

“We will end up with a bank, there is no doubt about that,” the report quoted Ross as saying.

In September, Ross told Reuters that he would like to buy a regional bank, but critcized the way the government was handling the bailout.

“I am disturbed about the slippery slope that we have gotten into, where if you’re stupid but really big the government will bail you out; if you’re stupid but medium-sized, you die. That’s going to encourage very bad behavior by very big institutions. I think that’s a terrible pattern to set.”

Ross made his fortune by buying distressed companies in the steel, coal and textile industries and nursing them back to health.

(Photo credit: Brendan McDermid, Reuters)

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