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SVB Meltdown: More banks will likely fail despite the intervention, says Investor Bill Ackman
Following the shutdown of the US-based Silicon Valley Bank (SVB) on March 10, Bill Ackman, CEO of Pershing Square Capital Management sought a bailout package for the commercial bank from the tax-funded US government. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Many people who screwed up suffered minimal to… https://t.co/mjwcnVRV9X — Bill Ackman (@BillAckman) March 13, 2023 Ackman earlier has weighed in on the collapse of Silicon Valley Bank, urging the US government to protect all of the bank's depositors to avoid an economic meltdown. Many people who screwed up suffered minimal to no consequences. Those were bailouts," said Ackman in a tweet. Source - Money Control
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