'Shark Tank' investor Kevin O'Leary says the demise of regional banks has begun after the US set a bad precedent in protecting 'incompetent' SVB management
"I say this is the beginning of the demise of small banks, for sure. And that we're going to end up with an oligopoly of very large institutions with an imputed concept that they're backed by the federal government. Not guaranteed, imputed," he said, adding that he was not advocating to see the end of regional banks.
And if a community still wants such banks, then the risk should be localized instead of being borne nationwide, he added. Regulators protected depositors at SVB and Signature Bank beyond the FDIC's insurance limit of $250,000 for each account to prevent a wider run on banks. , indirectly putting taxpayers on the hook with the federal protection of depositors beyond FDIC limits.
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