Winning deals abound

The deal of the decade? Banks seemingly have their hats out. They need capital and pretty darn fast. Washington Mutual merely is the latest ink a capital raising deal. This is one of those Rorschach moments: When you think of the investors, be they sovereign wealth or private equity funds, do you think "suckers" or "lucky dogs"? Right now, I'm inclined to think that preferred convertible buyers are pretty lucky, either way. That's a roundabout way of saying I think most of the top firms, save Bear Stearns, are at their nadir--with a lot of upside over the next few years. The outsized yields are enviable in this environment. But that's just me.
- Jim