Citadel founder Ken Griffin told the Financial Times on Tuesday that the U.S. government’s rescue deal for Silicon Valley Bank from over the weekend is...
That was Ken Griffin, founder of hedge fund titan of Citadel in an interview with the Financial Times on Tuesday, arguing that the U.S. central bank should not have rescued uninsured depositors at Silicon Valley Bank.
On Friday, U.S. regulators shut down Silicon Valley Bank after a $42 billion bank run by customers. It came as the bank’s parent company SIVB SVB Financial Group disclosed large losses from securities sales and then failed to raise new capital from a stock offering. “It would have been a great lesson in moral hazard,” he said. “Losses to depositors would have been immaterial, and it would have driven home the point that risk management is essential.
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