Billionaire investor Bill Ackman says feds 'screwed up' handling of Silicon Valley Bank collapse, warning they have '48 hours to fix a soon-to-be-irreversible mistake'
Billionaire investor Bill Ackman is calling on the federal government to intervene in the collapse of Silicon Valley Bank after the once-trusted bank of tech and startup founders was shutdown by regulators on Friday. in a lengthy post Saturday morning.this week, prompting the Federal Deposit Insurance Corporation to take over. Ackman warned that if the government or another large bank like J.P.
He continued, chastising the government for its failure to monitor the bank prior to its collapse:"The @FDICgov and OCC also screwed up. It is their job to monitor our banking system for risk and SVB should have been high on their watch list with more than $200B of assets and $170B of deposits from business borrowers in effectively the same industry."it was used by about half of all venture capital-backed startups in the US.
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