To the chagrin of private equity companies, the Federal Deposit Insurance Corp. (FDIC) has sought to refine rules governing buyouts of banks.

Private equity company The Blackstone Group and the newly formed Government of the Pudong New Area of Shanghai signed an agreement establishing Blackstone’s first regional Renminbi (the Chinese currency) private equity fund for the Pudong New Area.

Blackstone’s board of directors and executives are the best of the crop.