It's a time-tested tactic for jobless executives: If you can't find a job, buy one.
Several former bank chiefs are doing just that, bidding on failed financial institutions with money raised in private placements, according to The Wall Street Journal.
Here are a few that the Journal mentioned today:
-- William Harrison, former J.P. Morgan Chase & Co. chief executive
-- Robert Steele, former Wachovia Corp. CEO
-- Herb Boydstun, former Hibernia Corp. CEO
-- James Connolly, former Citizens Financial Group Inc. president
-- Charles Rinehart, former H.F. Ahmanson & Co. chairman and CEO
-- Kevin Twomey, former H.F. Ahmanson & Co. chief financial officer
-- Daniel Healy, former North Fork Bancorp CFO
-- Joe Evans, former Flag Financial Corp. CEO
OK, we don't know that their plans result from a stalled job search. But there are only so many top jobs in financial services to go around, and many industry stars have found the time ripe to build something of their own.
Time will tell whether these bankers will succeed in their efforts. There's stiff competition for failed institutions from private-equity firms and big commercial banks.
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