“The US is supposed to be a capitalist economy, and that’s breaking down before our eyes,” Ken Griffin, the Citadel founder, told Financial Times.
Kevin O’Leary, the investor and star of the hit show “Shark Tank,” also assailed the Biden administration for effectively “nationalizing” the banking system.“Bailing out uninsured depositors at SVB, which are mostly corporates, further infantilizes markets by sending the message that such risk management is anachronistic.”
Kevin O’Leary, the Canadian-American investor and star of the hit show “Shark Tank,” eviscerated SVB’s “idiot management.” “The combination of a negligent board of directors @SVB with idiot management is the potent cocktail that led to a disastrous outcome. Why should taxpayers bail them out?” O’Leary tweeted on Sunday.
“The lesson is simple, never put more than 20% of your liquid assets in any one financial institution,” he added.“You have zero risk and that has consequences,” O’Leary said.O’Leary added that the government’s actions are “going to be very expensive for shareholders of banks long term.”
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