By Jessica Shambora
January 7, 2009

“We will end up with a bank, there is no doubt about that.”

— Wilbur Ross, Chairman and CEO of WL Ross & Co. to cnnMoney.com. A major player in private equity, Ross said that although the government rescue of the banking system had delayed his company’s purchase of a bank, it was inevitable. Last year the supersmart investor bought H&R Block’s

subprime mortgage servicing unit, and also acquired bond insurer Assured Guaranty

. He’s lost a bundle on the latter. Fellow private equity firm TPG fared even worse with its investment in Washington Mutual before it failed and was sold to JPMorgan Chase

last September. — Jessica Shambora

You May Like

EDIT POST