Bill Ackman warns more banks will collapse despite fed intervention

Billionaire hedge fund manager says more banks will probably fail even if U.S. authorities step in to shore up confidence in the banking system after last week's collapse of Silicon Valley Bank.

Ackman, whose hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets, criticized the government's response on Saturday as he predicted 'economic meltdown' within hours of the banks opening up on Monday morning.

He had urged the U.S. government to step in and protect all of the bank's depositors.

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