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Donald Marron: “The FDIC Rules Are Acceptable”

This morning Donald Marron, chairman and CEO of Lightyear Capital, went on CNBC to discuss private equity investments in financial services. View the clip below.

Marron says he’s met with the managements of 120 banks in the last year and plans to continue to seek bank buyouts. The new FDIC rules are acceptable, reflect the concerns of the FDIC, and can work, he said.

Marron and Lightyear Capital, alongside Fortress Investment Group and Crestview Partners, announced in May it would buy First Southern Bankcorp for $450 million. The firms are still waiting to hear the outcome of the agreement, Marron said.

Does Marron think that in general, financial services need more regulation? Yes. He says he wants more transparency and standardization of financial products so they aren’t so complicated that no one can work them out. Meanwhile, the show’s host declares, “Forget regulation, I don’t believe in regulation!”