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By Laurie Bennett - October 10, 2008

The federal government isn’t the only potential buyer eying U.S. banks drowning in debt.

Just as he did in the S&L crisis, billionaire Gerald J. Ford is poised to reap another fortune.

Ford, a bundler for John McCain’s presidential campaign, made a bundle during the 1980s S&L crisis by buying beleaguered thrifts, correcting their cash flow and selling them for large profits.

Now he is heading a private equity firm called Flexpoint Ford LLC, which has raised more than $1 billion to buy banks crippled by the credit crunch.

“I have been in the business for a long period of time, and I would say it is more troublesome than I have ever seen it,” he told American Banker. “But that begets some opportunities.”

A major difference between today’s crisis and the earlier wave of thrift failures is that today there are fewer healthy banks able to acquire the sick institutions, he said.

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