Billionaire investor Bill Ackman says US banks depositing $30 billion into First Republic creates a 'false sense of confidence'
only insures up to $250,000 per account owner, per ownership category.
"We are beyond the point where the private sector can solve the problem and are in the hands of our government and regulators," he said.Ackman said he has no investments in the banking sector but was just"extremely concerned about financial contagion risk spiraling out of control and causing severe economic damage and hardship."
"I have said before that hours matter. We have allowed days to go by. Half measures don't work when there is a crisis of confidence," tweeted Ackman.
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