5.21.2009

BKUNA matata - what a wonderful phrase!

Bank Failure Thursday? BFT? WTF? BankUnited, Coral Gables, Florida.

This one's been in the works for months -- the Feds have been leaning on BankUnited (BKUNA to stock jockeys) to find a buyer. And the buyers are a bunch of private equity guys, who are getting the taxpayer to take on almost all the risk:
The government will take 80 per cent of the first $4bn in losses and 95 per cent of any remaining losses, people familiar with the transaction said.

Why they did it on a Thursday instead of the usual Friday, I don't know. Maybe Sheila and Suze want to make it a four-day romantic holiday weekend in Florida.

Thanks to Negocios Loucos for the heads up.

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