We don't see Bill Ackman writing any checks to fix this, do we?
...Ackman is urging for the U.S. government [that means YOU, sucker/taxpayer] to finally step in and protect all of the bank's depositors, warning inaction could lead to a ripple effect across other smaller banks within the industry.
The worry is that customers will rush to withdraw cash from their accounts fearing instability across the banking system with the very real possibility of a domino effect. ...
Be honest, Bill: this is about YOUR money. You don't really give a flying fig about anyone else's.
First off, Ackman has no frickin' idea of whether 'customers will rush to withdraw cash' from lots of other banks. It's not like Joe Blow can take a wheelbarrow of cash from Bank X and distribute those dollars into Banks A, B, C, D,.......Z; there is a mountain of paperwork required to open a corporate account AND if the company has an active loan, the bank has covenants which will prevent most withdrawals. Ackman knows this, and hopes that you don't.
Ackman has invested lots of his dollars into these 'companies.' His dollars are at risk. He has millions of reasons to want YOU--the taxpayer--to bail out all those 'companies.'
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