Federal Government Has 48 Hours to Fix ‘Irreversible Mistake,’ Billionaire Says
Several billionaires issued warnings over the weekend after the Silicon Valley Bank suddenly collapsed late last week and forced the federal government to step in.
Billionaire investor Bill Ackman wrote Saturday that the federal government had about two days to fix the problem—by Monday morning. He noted that a number of depositors may not see their money because it wasn’t insured; the Federal Deposit Insurance Corporation (FDIC) notes it insures $250,000 per depositor, per insured bank for each account.
The shuttering of the bank, known as SVB, was announced by the FDIC, marking the worst failure of an American financial institution since 2008….