Real-estate developer Stephen Ross and his partners spent more than a year digging into U.S. banks, including more than 100 with loans to local bakeries, gas stations and amusement parks. According to the Wall St Journal they hoped to spend about $1.1 billion buying or investing in lenders.
But the deeper they went, the worse things looked. As a result, Related Cos., the New York firm in which Mr. Ross is chief executive, gave back the money it raised from roughly 150 investors, including hedge-fund manager David Einhorn. The firm did find several investments it was interested in but was outbid….
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http://online.wsj.com/article/SB10001424052970203405504576599273589255198.html?mod=business_newsreel
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