Bill Ackman warns US gov't: Fix mistake in ‘48 hours’ or face ‘destruction’

Billionaire Bill Ackman stated in a March 11 tweet that the U.S. government has “48 hours” to fix a “soon-to-be-irreversible mistake” by allowing Silicon Valley Bank to fail without “protecting all investors.“

Highlights

• Billionaire Bill Ackman has urged the U.S.
• government to guarantee all deposits held by Silicon Valley Bank.
• Ackman, CEO of hedge fund management firm Pershing Square Capital Management, tweeted that the government has “48 hours” to fix a “soon-to-be-irreversible mistake” by allowing Silicon Valley bank to fail without “protecting all investors’s investors” Ackman suggested that this would be the result of “the world” realizing what an uninsured deposit is — “an unsecured illiquid claim on a failed bank.” He warned that these withdrawals would “drain liquidity” from all banks, not just the “systemically important banks (SIBs)”

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