I woke up Saturday morning after the events of the week pretty convinced that if the government didn't, at a minimum, guarantee deposits at Silicon Valley Bank, we'd have a massive run on pretty much every regional bank on Monday. And my advice was "we need to guarantee all deposits, not just those." Unfortunately, I think the run is continuing. If you look at the deposit inflows at the big banks, if you talk to anyone at JPMorgan who works at opening accounts, they're working literally around the clock to take in all the capital that's flowing in. That's not good for our banking system and our country and that's what I was afraid of over the weekend, which is why I was so public, if you will.
~ Bill Ackman, interview with Harry Stebbings, 20VC, 27:00 mark, March 20, 2023
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