Ross Foresees Many Bank Collapses (and Opportunities) - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times

Are we going to vitness the collapse of more than thousand banks in US?

Ross Foresees Many Bank Collapses (and Opportunities) - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times: "As the reverberations following the stunning developments in the financial industry over the weekend began to spread, Wilbur Ross, founder of private equity firm WL Ross & Company, made his prediction for what to expect next.

The investor told CNBC that he expects as many as a thousand U.S. bank closures in the coming months.

The billionaire investor, who made his fortune betting on distressed industries, told the news service that the closures will create opportunities for investors, with Mr. Ross himself looking to pick up smaller distressed institutions.



“I do think a lot of the regional ones will [close], just as they did in the last savings and loan crisis in the 1990s,” Mr. Ross told CNBC.

Mr. Ross told CNBC that there will be too many people willing to provide capital to the large financial companies, making them less of a bargain than smaller banks."
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