Federal Government Has 48 Hours to Fix ‘Irreversible Mistake,’ Billionaire Says

Federal Government Has 48 Hours to Fix ‘Irreversible Mistake,’ Billionaire Says
CEO and Portfolio Manager Pershing Square Capital Management L.P. William Ackman speaks at The New York Times DealBook Conference at Jazz at Lincoln Center in New York on Nov. 10, 2016. Bryan Bedder/Getty Images for The New York Times
Jack Phillips
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Several billionaires issued warnings over the weekend after the Silicon Valley Bank suddenly collapsed late last week and forced the federal government to step in.

Billionaire investor Bill Ackman wrote Saturday that the federal government had about two days to fix the problem—by Monday morning. He noted that a number of depositors may not see their money because it wasn’t insured; the Federal Deposit Insurance Corporation (FDIC) notes it insures $250,000 per depositor, per insured bank for each account.
Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter who covers a range of topics, including politics, U.S., and health news. A father of two, Jack grew up in California's Central Valley. Follow him on X: https://twitter.com/jackphillips5
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