Wednesday, September 15, 2010

Wilbur Ross & Carlyle Group Win Bid for EBS

Wilbur Ross told the WSJ he is confident that his consortium will win Irish banker, EBS Building Society. Ross joined The Carlyle Group and Cardinal Capital in making the bid. This would make Ross' fourth bank.

He and Carlyle own part of BankUnited, which received a $4.9 billion loss sharing subsidy from the FDIC. Ross and Carlyle already plan to monetize BankUnited via an upcoming IPO. Where others see risk, Wilbur sees gold. When Ross talks capitalism, one finds subsidy.

Update 9-16-10 Ross dangled fruit to Irish mortgage holders. However, it might be poisoned.

Update 2-12-2011:  Ross says EBS may close by March. Meanwhile, America's FDIC keeps funneling cash to Ross affiliated bank investments.