Our own private TARP
TARP is on its last legs, but 37 Chicago-area banks have more in problem loans and foreclosed property than they do capital. This means that more successful Chicago banks could start to make Treasury Dept.-like deals and provide equity to struggling banks. Steve Daniels of Crain’s Chicago Business profiles Ed Wehmer, CEO of Lake Forest-based Wintrust Financial Corp., which has weathered the financial meltdown fairly well. Wehmer saw the success the Treasury Dept. had in buying common stock from large financial outfits like Bank of America. (more…)