Bill Ackman's dire warning for US regional banks and the looming crisis.
Bill Ackman has warned that the US regional banking system is at risk and the regulator's failure to update and expand its insurance regime has "hammered more nails in the coffin". JPMorgan Chase & Co. has acquired First Republic Bank, the second-biggest bank failure in US history, and the fourth regional lender to collapse since early March after Silvergate Capital Corp., SVB Financial Group's Silicon Valley Bank and Signature Bank.