Corporate agitator Ackman tells US to raise FDIC insurance limit to shore up confidence 

Bayliss and Svea Herbst

William Ackman, a billionaire investor who spent years advising businesses on how to perform better, is now challenging the U.S. authorities by urging higher coverage limits to protect the banking system during the worst of the financial crisis.

In a letter to his people, Ackman, the head of the hedge fund Pershing Square Capital Management, urged the FDIC to increase its$ 250,000 per account cap times after U.S. regulators took control of Signature Bank and Silicon Valley Bank, sparking an emergency in local banks in the United States.

He amplified a statement he has been tweeting for years in his annual text to shareholders.

Conflicting public comments from regulators have” reduced investment, business, and consumers confidence in our banks program ,” he wrote.” Banking is a confidence private business.”

Ackman cautioned that taking an specialized, bank-by-bank deposit guarantee approach could harm the economy given that provincial banks are crucial to the real estate and construction loan industries.

The man who expresses his views on a variety of topics, including the risks of sugary beverages and how tennis players may make more money, cautioned on Twitter several decades ago that the U.S. economy might be in danger of going” train wreck.”

Ackman, who had fought corporate battles at the retailers Target and Canadian Pacific railroad, promised investors last year that he would adopt a” quieter strategy” once corporate America knew who him and no longer required the boisterous strategies used by other business agitators.

He wrote in his notice that the social media platform was a” very effective method to get the message out” and that he had been tweeting frequently to his 689,800 fans this summer.

The Pershing Square Holdings portfolio of Ackman’s investment firm has grown by 25.1 % annually over the past five years, far outperforming its broader stock market index, which increased by 9.4 % annually during the same period.

( Editing by Josie Kao, reporting by Svea Herbst – Bayliss )

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