Thursday, July 24, 2008
Patton on Quarles
"With their $400 billion in idle cash, if private equity really wants to be the banking industry's white knight, rather than asking the [Fed] to change the rule book, it should buy at face value, the $150 billion worth of loans and debt estimated to be be remaining on bank balance sheets. They wouldn't even need to do much due diligence since they initated most of this issuance via leveraged buyouts over the past two years", Letter by Steven Patton of Patton Investments at the WSJ, 8 July 2008.
Way to go Steve! See also my 7 July 2008 post.