Celebrity investor Kevin O'Leary claims federal regulators should have let Silicon Valley Bank fail rather than 'panic' and change policy for the entire banking system.
, the "Shark Tank" star predicted "all kinds of new regulations" would be created for the regional bank system."We have more of those black swans swimming in the lake, we don't know where they are," O’Leary warned.
Regulators took an "isolated incident" and applied it as an overall banking concern, ultimately putting up a "moral hazard" in front of the industry, O’Leary argued. "This is not like '08 in any measure… Silicon Valley Bank had stupid loans out. That's the bottom line, everybody's figured that out.""If we had just let that collapse before we got into panic, we would have had a much better situation. We would have said: okay, 95% of these assets were covered, no problem. And so 5% for people that had more than $250,000 per account is something the bank could have absorbed," the investor explained.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kevin O'Leary says never buy a bank stock again as Biden nationalized sector'Shark Tank' star Kevin O'Leary says he will never buy a bank stock again as Biden has essentially nationalized the industry post-SVB
Read more »
'Shark Tank's' Kevin O'Leary rips Biden over Silicon Valley: ‘He nationalized the American banking system'Kevin O'Leary claimed that President Joe Biden had 'nationalized' the U.S. banking system, eliminating risk and pushing the bill to American taxpayers.
Read more »
'Shark Tank' investor points to 'simple' lesson learned from SVB fallKevin O'Leary, also known as 'Mr. Wonderful' by Shark Tank viewers, took to Twitter to share one key takeaway from the Silicon Valley Bank collapse.
Read more »
Idaho business owners pitch product on TV's Shark TankIdaho restaurant Crispy Cones is ready to take the dessert industry by storm with its unique take on an ice cream cone.
Read more »
'Shark Tank' Keto Gummies Weight Loss Reviews Are a ScamThe cast of 'Shark Tank' never endorsed any CBD gummies or keto gummies, despite a lie that scammers have promoted for years.
Read more »
Kevin O'Leary rejects Biden admin's response to SVB collapse: 'We should not have done this'Kevin O'Leary joined 'America's Newsroom' to discuss Silicon Valley Bank's failure and the consequences of creating 'no-risk banking' systems.
Read more »