Ackman: US Did 'Right Thing' in Shoring Up SVB

Billionaire investor Bill Ackman stressed that the U.S. government’s protection of Silicon Valley Bank is “not a bailout” and ensures “depositors can trust the banking system,” CNBC reports.

“This was not a bailout in any form,” the CEO of hedge fund Pershing Square Capital Management said. “The people who screwed up will bear the consequences,” Ackman tweeted.

The U.S. government did the “right thing,” Ackman said.