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Washington Hopes ‘Vulture’ Investors Will Buy Bad Assets
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How the nations private investors, private equity funds and funds that are backed by public pension funds, could acting as vulture investors, become part of the solution to taking bad assets off the banks that have them. The first step is forming apublic private partnership and White House advisor Summers has already met with private equity managers about this. Again these investors are in for making atidy profit so the government would have to pick up alarge part of the tab. In the case of IndyMac private investors paid $13.9 billion but only took responsibility for 20% of the losses the government picked up the rest of the losses. And in this way during the savings and loan crisis private investors made returns in the 30% range. They would come in this time for double digit returns. ould bear the rest of the losses.
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