- Weak regional banks should be allowed to fail, according to Kevin O’Leary.
- The “Shark Tank” investor blasted small banks run by “idiot” managers.
- He added that digital banking has made the regional bank system mostly obsolete.
Weak regional banks should be allowed to fail, and the regional bank system is a relic that’s essentially been made obsolete by the advent of digital services, according to “Shark Tank” star Kevin O’Leary.
“Let the ones run by idiots go to zero,” O’Leary said in an interview with Bloomberg TV on Monday. “That’s the great thing about the markets, it finds the bad managers, culls them, and eliminates them. We have to let that happen here. So many idiot managers in banking.”
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