The FDIC and the other federal banking regulators consistently express serious concerns about private equity investments in banks and bank holding companies, often because of perceived “opaqueness” in the organization and governance of private equity investment structures. With the adoption on August 26, 2009, of the FDIC Statement of Policy (SOP) on private capital investments in failed banks, the FDIC itself has ventured into its own “opaque” territory, marked by a lack of clarity and uncertainty for private equity investors.