US Regional Banks Collapse Is a “Very Good Process”, Kevin O’Leary Says

According to the latest reports, it seems that Kevin O’Leary from Shark Tank notes that the banking crisis in the US is a part of determining which of the US regional banks will continue to stand. Check out the latest reports about this below.

In a new interview on Fox Business, O’Leary stated the fact that major US banks should no longer rescue bankrupt banks because their collapse is due to poor management.

The statement comes as several regional banks including PacWest Bancorp and Western Alliance Bancorporation have been seeing some pretty big losses this week.

“A regional bank goes bankrupt, so what? Anybody that had $250,000 or less is covered by the FDIC insurance, which is basically paid for by you as a fee payer when you put money into any bank and so the banks are paid for the banks.”

O’Leary also made sure to state the fact that incompetent managers should be purged out of the system and letting go of insolvent banks will not shut down the American economy.

“The point is idiot managers are expensive… Clearly they’re not good bankers. We can’t keep them around. They’ve got to go. In any other sector when you fail, you get fired. It’s okay. Let’s whack them. Let’s shut the banks down and consolidate to super regionals like every other country has done. It’s not the end of the world.”

He also stated the following: ““Everybody relax. It’s a very good process. Let them fail.”

Macro Investor Bert Dohmen just issued a dire warning on the future of the US and global economy.

In a new interview with Stansberry Research, the founder of Dohmen Capital Research says anyone who believes the banking crisis is over is engaged in wishful thinking.

“We have three of the biggest banking failures in US history within six days and everybody’s pretending this is a one-off event that won’t happen again.”