Financial Times: Blank-Cheque Company Aims to Buy Failed US Banks
March 13, 2024
Porticoes Capital is seeking to take over banks closed by the Federal Deposit Insurance Corporation after winning approval from the Office of the Comptroller of the Currency. “I’m an advocate for the shelf charter,” said Brian Brooks, a partner at O’Melveny & Myers LLP and a former acting comptroller of the currency. “In the failure of SVB, numerous potential bidders were excluded from the process, and as a result the cost to the FDIC deposit insurance fund might not have been minimized.”
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