On March 17, on Twitter, investor and well-known short-seller Bill Ackman said Bank of America had been forced to take over the bank’s role as a compulsory receiver after last week’s crisis in the U.S. banking sector. He said he plans to intervene and buy one, the troubled US Signature Bank. .
America Back to Sign Rescue?
I hear @Bank of America I plan to purchase a signature bank on Monday. Unless and until uninsured deposits can be protected, capital costs will rise and smaller banks will be forced to merge or be acquired by SIBs. I don’t think this is good for America.
— Bill Ackman (@BillAckman) March 17, 2023
Reuters reported on March 15 that the FDIC had told potential bidders to sign that they would have to “give up” the cryptographic aspect of their business.
however, CoinDesk A March 17 report denied that to be true.
On March 17, Ackman announced that Signature would be in the hands of Bank of America, one of the world’s largest financial institutions, worth an estimated $222 billion.
In response to earlier reports written by Bernie Frank, a director of undersigned banks and co-supporter of the Dodd-Frank Act while in Congress, the regulator’s actions were politically motivated by anti-crypto sentiment. It is possible that
However, spokespersons for both the New York regulator and the FDIC recently said that the regulator’s loss of confidence in the undersigned bank’s leadership has been linked to the recent crackdown on the bank and its “reliable” information rather than its specific relationship with cryptocurrencies. said to be due to the lack of
Not Bank of America. Neither signature has responded to Ackman’s tweet.