Edward Brown Quoted on Bailout-Funds Recipients Acquiring Failed BanksDow Jones Newswires February 12, 2009
Edward Brown, a Member of the Firm in the Business Law practice in the Atlanta office, was quoted in a Dow Jones Newswires article on a growing number of failed banks that have been acquired by companies receiving government bailout funds.
More than half of the banks that have failed since the U.S. Treasury began recapitalizing financial institutions in October have been purchased by companies receiving government bailout funds, Dow Jones reported in the article, titled, "Bailout Recipients Snapping Up Failed Banks."
"In this environment, a lot of banks are concerned about whether they can sell the bad assets to anybody," said Brown. "It seems like the business decision for those that are strong enough is to wait for the failures, then buy the deposits."