Billionaire investor Bill Ackman warns about the regional banking system and advocates for a guaranteed deposits system, again.
That was hedge fund billionaire Bill Ackman back with his two cents on the regional banking system following the collapse of First Republic Bank and subsequent takeover by JPMorgan & Chase Co JPM earlier in the week. On Wednesday night, fellow regional lender PacWest Bancorp’s shares PACW plummeted after a report it was considering strategic options.
The Pershing Square Capital Management CEO said in a long tweet early Thursday that First Republic Bank would not have failed if the Federal Deposit Insurance Corporation temporarily guaranteed deposits while the sector waits for a new guarantee regime to be created.
Ackman, who has previously called for a system-wide deposit guarantee system in the wake of the collapse of Silicon Valley Bank , said that uninsured depositors of regional banks are more at risk than global systematically important banks , which have an “unfair competitive advantage” being too big to fail and there their uninsured depositors can sleep soundly.
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