Bill Ackman on SVB collapse: Government has 48 hours to fix 'irreversible mistake'
William"Bill" Ackman, founder and chief executive officer of Pershing Square Capital Management LP, gestures as he speaks during a Bloomberg Television interview in London, U.K., on Wednesday, Jan. 14, 2015."By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is – an unsecured illiquid claim on a failed bank," he began.
Ackman said that "the destruction of these important institutions" will begin once depositors start draining money from regional and community banks. He asserted that the U.S. government could have guaranteed SVB's deposits in exchange for penny warrants to avoid its collapse and create potential for profits.
Silicon Valley Bank headquarters in Santa Clara, California, US, on Friday, March 10, 2023. Silicon Valley Bank became the biggest US bank failure in more than a decade, after its long-established customer base of tech startups grew worried and yanke
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