Billionaire investor William Ackman who spent years telling corporations how to perform better is now taking on the U.S. government by calling for higher insurance limits to safeguard the banking system at the height of a banking crisis.
Ackman, who runs hedge fund Pershing Square Capital Management, sent a letter to his investors saying the FDIC should raise its $250,000 per account limit days after U.S. regulators took overIn his annual letter to shareholders he amplified a message he has been blasting for days on Twitter.
Taking an individualized, bank-by-bank deposit guarantee approach is a "policy mistake," Ackman wrote, warning this could impair the economy at a time regional banks are instrumental in the real estate and construction loan business. Last year Ackman, who had waged corporate battles at retailer Target and railroad Canadian Pacific, told investors he would take a "" at a time when corporate America knows who he is and that he no longer needed the noisy tactics other corporate agitators do.
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