Wildfire Prevention? Another bank shut down
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The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and U.S. Treasury announced the crypto-friendly lender Signature Bank's closure under a "systemic risk exception" Sunday (March 12) evening, two days after the collapse of Silicon Valley Bank.
In a Twitter post, Bill Ackman, founder of Pershing Square Capital Management, said that when the new entity replacing SVB begins operating on March 13, the FDIC will announce that they will immediately pay about 50% of their funds to depositors.
Michael Burry was among the few dissenting voices to the emergency plan and tweeted, "2000, 2008, 2023, it is always the same. People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well."
1) Do you think the actions taken by the authorities were right?
2) Can early intervention prevent the "systemic risk" this time?
3) What are your moves when the market opens on Monday?
In a Twitter post, Bill Ackman, founder of Pershing Square Capital Management, said that when the new entity replacing SVB begins operating on March 13, the FDIC will announce that they will immediately pay about 50% of their funds to depositors.
Michael Burry was among the few dissenting voices to the emergency plan and tweeted, "2000, 2008, 2023, it is always the same. People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well."
1) Do you think the actions taken by the authorities were right?
2) Can early intervention prevent the "systemic risk" this time?
3) What are your moves when the market opens on Monday?
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and U.S. Treasury announced the crypto-friendly lender Signature Bank's closure under a "systemic risk exception" Sunday (March 12) evening, two days after the collapse of Silicon Valley Bank.
In a Twitter post, Bill Ackman, founder of Pershing Square Capital Management, said that when the new entity replacing SVB begins operating on March 13, the FDIC will announce that they will immediately pay about 50% of their funds to depositors.
Michael Burry was among the few dissenting voices to the emergency plan and tweeted, "2000, 2008, 2023, it is always the same. People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well."
1) Do you think the actions taken by the authorities were right?
2) Can early intervention prevent the "systemic risk" this time?
3) What are your moves when the market opens on Monday?
In a Twitter post, Bill Ackman, founder of Pershing Square Capital Management, said that when the new entity replacing SVB begins operating on March 13, the FDIC will announce that they will immediately pay about 50% of their funds to depositors.
Michael Burry was among the few dissenting voices to the emergency plan and tweeted, "2000, 2008, 2023, it is always the same. People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well."
1) Do you think the actions taken by the authorities were right?
2) Can early intervention prevent the "systemic risk" this time?
3) What are your moves when the market opens on Monday?
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