Ken Griffin, the founder of hedge fund Citadel, said the rescue of Silicon Valley Bank shows the U.S. economic system is “breaking down before our eyes.”
“The U.S. is supposed to be a capitalist economy, and that’s breaking down before our eyes,” Griffin warned when speaking with the Financial Times on Monday after federal agencies said that they would protect SVB depositors, including ones that have $250,000, or above those above the federal insurance limit. Reports said that over 90 percent of SVB’s deposits were uninsured.
