- ‘The Government Has 48 Hours’: Billionaire Investor Bill Ackman Calls on Biden to Bail Out SVB by Monday MORNING Or Face Catastrophic Market Meltdown And Loss of Tens of Thousands of Jobs
by JAMES GORDON FOR DAILYMAIL.COM, https://www.dailymail.co.uk/
* Billionaire hedge fund manager Bill Ackman is predicting an economic meltdown following the collapse of Silicon Valley Bank
* Ackman is urging the US government to take action to protect all of the bank’s depositors fearing there could be a ripple effect across other smaller banks
* Greg Becker, the CEO of SVB Financial Group, sent a video message to the bank’s employees, acknowledging the bank’s ‘incredibly difficult’ last 48 hours
Billionaire hedge fund manager Bill Ackman is forecasting ‘economic meltdown’ within hours of the banks opening up on Monday morning following the failure of Silicon Valley Bank. Ackman is urging for the U.S. government to finally step in and protect all of the bank’s depositors, warning inaction could lead to a ripple effect across other smaller banks within the industry. The worry is that customers will rush to withdraw cash from their accounts fearing instability across the banking system with the very real possibility of a domino effect.