Bailed-Out Florida Bank Sets IPO; Obama's FDIC Looks Bankrupt

BankUnited, the Miami-based institution sold by the Federal Deposit Insurance Corp., is preparing a stock offering this week.

The Initial Public Offering could embarrass the Obama administration because the FDIC last year sold the bank with $13 billion in assets for dimes on the dollar to a group of private-equity sharpies.

Now that those owners are set to parlay their deal for a $500 million payday in the stock market, questions will inevitably arise about the FDIC's actions. The rich get richer, thanks to your tax dollars at work.