NY Times reports even before the ink dries on a proposed $700 billion bailout for the financial industry, Wall Street players have begun jockeying to be the first ones to snap up distressed investments on the cheap. As they try to make sense of how a government bailout would play, vulture investors are combing through balance sheets of possible targets that could run into trouble if banks start calling back loans to businesses and the economy worsens. In the beaten-down banking industry, private equity investors are scrambling to find investment opportunities in downtrodden community and regional banks that can be nursed back to profitability in a turnaround. In the coming weeks and months, these investors are betting the opportunities will become clearer. They are preparing for a field day for deals, not only in the financial industry, but in the industrial, retail and other sectors where the flagging economy and tight credit will push more companies to the brink.