Kevin O’Leary: ‘We Don’t Need Regional Banks Anymore’

RUSH EXCERPT:

O’LEARY: “Do not buy the contagion story anymore. Do not understand why I is a taxpayer have to be on the hook to support any of bank managers. I say let them go to zero. Will take some volatility what’s really making me unhappy as I take my shareholder value and banks that I do own in the big ones and put at risk as this capitol in a crappy bank. So that he is correct and I do not like what he is going on there for a lot of other shareholders do not like it either. The sun to clean the regional bank think of it. Fifty years ago it made sense to have regional banks because of the different types of economies at each region. That was before there is digitization don’t need regional bank you could argue the commercial real estate they issue that real estate has a value the market will absorb it. If a bank has to fail, and it’s a regional bank, let it die, that is an important thing to do to clean up out of the banking industry. You’ve got to remove the idiot managers.”