Billionaire warns of dire aftermath of SVB collapse ...News

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Billionaire warns of dire aftermath of SVB collapse
Bill Ackman says the government made “a-soon-to-be-irreversible mistake” in its treatment of the failed bank Billionaire US investor and hedge fund manager Bill Ackman on Saturday warned the US of dire consequences facing its banking sector and the broader economy following the implosion of Silicon Valley Bank (SVB), a major US lender focused on tech and startups. Ackman wrote on his Twitter account that US authorities should not have allowed SVB to collapse without protecting all depositors. Official figures showed that only 11% of SVB’s $175.4 billion in deposits were insured at the time of the bank’s failure. A

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