Hedge fund giant Bill Ackman has inserted his two cents into the Silicon Valley Bank debacle, suggesting a government bailout in a Twitter thread on Friday.
That was Pershing Square Holdings CEO Bill Ackman, tweeting on Friday that a government bailout of crisis-hit SVB Financial SIVB may be needed if private banks don’t step up:
Ackman... “The failure of Silicon Valley Bank could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash. If private capital can’t provide a solution, a highly dilutive government preferred bailout should be considered.
Ackman added that he didn’t see another bank “stepping in” after what the “Feds did to JPMorgan,” in reference to the banking giant’s 2008 purchase of Bear Stearns and Washington Mutual at the government’s request, and its subsequent inheritance of $13 billion in penalties from the mis-sale of bad mortgages.
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