New fears of banking contagion are triggered by crisis that killed Silicon Valley Bank, as billionaire economist Bill Ackman demands Biden ‘guarantee all deposits now’ – or else America’s economy could melt down

  • Hedge fund boss Bill Ackman today warned the ‘economy will not function’ unless Joe Biden ‘guarantees all deposits now’ as the crisis hit the Big Four banks 
  • Among the worst affected regional banks was Western Alliance which saw its stock plunge by 75 percent as the opening bell sounded on Wall Street 
  • ‘The Federal Deposit Insurance Corporation needs to explicitly guarantee all deposits now. Hours matter,’ Ackman said as he called for government backing

Banks and financial institutions that saw trading halted Monday

AdvisorShares Trust

Bank of Hawaii Corporation

Charles Schwab

Coastal Financial Corp Cm St

Comerica

Customers Bancorp

East West Bancorp, Inc.

First Horizon Corporation

First Republic

Huntington Bancshares

Macatawa Bank Corporation

Magyar Bancorp, Inc.

Metropolitan Bank Holding Corp

OceanFirst Financial Corp

PacWest Bancorp

Regions Financial Corporation

Texas Capital

Washington Federal, Inc.

Western Alliance

Zions Bancorporation