Remember the movie “We Bought a Zoo?” Well apparently Eric Hovde bought a bank!

While some people might splurge on a new TV or a set of tires for the car with their disposable income, apparently out-of-state Republican U.S. Senate candidate Eric Hovde likes to buy banks:

U.S. Senate candidate Eric Hovde has purchased a bank that received federal bailout money, even though the Republican hedge fund manager says he remains staunchly opposed to the program.

Eric Hovde is starting to remind me an awful lot of failed 2010 Republican U.S. Senate candidate Terrence Wall (both were born with silver spoons in their mouths) – except that Wall didn’t have to carpetbag back to Wisconsin to run for the U.S. Senate.


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1 thought on “Remember the movie “We Bought a Zoo?” Well apparently Eric Hovde bought a bank!

  1. Hovde has been heavily involved in exploiting investment opportunities in distressed banks and real estate. These types of transactions are almost always accomplished with aid of the FDIC. The MJS story is just the tip of the iceberg.
    These types of transactions explain why a hedge fund would operate out of Washington D.C.. The Bush administration must have been the golden years of Hovde Capital. All those political connections to exploit!

    In 1994, in order to capitalize on investment opportunities in the financial services sector, the firm’s partners organized Hovde Capital, which oversaw the Financial Institution Partners series of hedge funds, focused on financial services and real-estate opportunities. Also in 1994, Hovde Acquisition LLC was formed as a merchant banking organization to capitalize on strategic control and non-control positions in banks and thrifts.

    In 1995, the firm expanded its operations to the West Coast with the opening of a California-office to serve west-coast clients. In 2002, the firm opened a Florida office to serve Southeast clients, and in 2007, the firm opened a Texas office to serve clients in the south.

    In 2004, the principals of the firm formed Hovde Private Equity Advisors, a private equity firm focused on investments in the financial services sector. Hovde was one of the first U.S.-based private equity firms to receive a shelf-charter from the OTS to pursue failed acquisitions of banks, and in 2009, was the first to complete an acquisition of a failed institution from the Federal Deposit Insurance Corporation (FDIC). In 2011, the firm also established Hovde Global Asset Management, LLC, a merchant banking firm focused on investments in the banking industry.

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