Investment Fund Run By Stephen Ross Gives Up On Banks (For Now)

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To many, Stephen Ross is probably better known as the owner of the NFL's Miami Dolphins. But the real estate tycoon whose company developed the Time Warner Center in Manhattan's Columbus Circle has been setting his sights on even bigger endeavors. One was creation of a $1.1 billion investment fund to invest in U.S. banks.

As chronicled today in the WSJ, after a year of digging into more than 100 smaller financial institutions across the country, Ross has returned the money raised to around 150 investors, including hedge-fund manager David Einhorn.