Sandy Weill launches PE fund
According to the Wall Street Journal, former Citigroup CEO Sandy Weill is raising money for a $5 billion private equity fund to invest in battered financial companies. This guy should know something about battered financial companies considering that 2 LONG months ago Citigroup's performance had everyone wondering if the universal banking model was sustainable. That was before the independent broker-dealers died but after Weill and his sovereign-wealth buddies took 50% losses on $12.5 billion they invested in Citigroup this January.
I guess its true what they say. "Old soldiers never die..." They just raise more money.