LAST LAUGH: When Vik Ghei founded HoldCo, 'people said 'Look, the FDIC is never going to let you get this money,' ' he says. 'The market was basically laughing at us.'

Hedge Funds Outwit FDIC in Fight for Failed-Bank Assets

Hedge funds have beaten the FDIC in a series of legal disputes over the assets of bankrupt holding companies, exposing a serious flaw in the regulator's system for recovering value from failed institutions.

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