Amid banking crisis in US, Jugeshinder ‘Robbie’ Singh took a swipe at Larry Summers for suggesting Hindenburg’s allegations against Adani Group are India’s ‘Enron moment’
Adani Group CFO Jugeshinder ‘Robbie’ Singh on Saturday took a jibe at former US Treasury Secretary Larry Summers over the current banking turmoil in America and called it the country’s “3rd Enron moment”.
“Policy leaders need to be clear and decisive that depositors are not going to lose their money in large, medium or small banks. They can do that within their existing authorities,” Summers said in a tweet referring to the banking crisis set off by the swift collapse of Silicon Valley Bank.
Summers urged current Secretary Janet Yellen and other top US regulators to pledge that they will back the uninsured deposits in any banks that fail in the next year — an important move that could help build confidence amid the current turmoil.
Summers was speaking after news that Yellen had called an unscheduled meeting of the Financial Stability Oversight Council, which includes Federal Reserve Chair Jerome Powell and other top regulators. The gathering comes against a backdrop of continued banking strains in the US and around the world — with Germany’s Deutsche Bank AG in focus Friday.
In a tweet, replying to Lawrence H. Summers, Singh said, “In your own words America’s 3rd Enron moment”.
