SVB bailout shows ‘capitalism is breaking down,’ Ken Griffin says

Griffin blasted the Biden administration for pledging to make depositors — including those with accounts totaling more than the $250,000 federally insured threshold — whole following the meltdowns of SVB and Signature Bank over the weekend. “There’s been a loss of financial discipline with the government bailing out depositors in full,” Griffin told FT. The Citadel boss said that government agencies in charge of making sure that banks’ operations are sound missed the boat. Ken Griffin said it was a mistake for the federal government to insure all depositors at Silicon Valley Bank. O’Leary told CNN on Monday that President Biden has effectively “nationalized” the banking industry.