Billionaire hedge fund founder Bill Ackman called for a “systemwide deposit guarantee regime” in the U.S., as regional banking stocks were pummeled in the wake of this weekend’s sale of First Republic Bank to JPMorgan.
"The regional banking system is at risk," the founder and CEO of Pershing Square Asset Management tweeted on Wednesday evening. “The [Federal Deposit Insurance Corporation’s] failure to update and expand its insurance regime has hammered more nails in the coffin.”
