The banking crisis continues to unfold, and skeletons continue to tumble out of the closet. Bank of the First Republic FRC announced after the close of trading it would receive $30 billion in uninsured deposits from a number of larger banks and suspend its dividend.

hedge fund manager Bill Ackman commented on the development in a long tweet.

What happened: Minister of Finance Janet Yellen likely pressured systemically important banks or SIBs to return some of the deposits they received from First Republic to the bank for 120 days, Ackman said.

“The result is that FRB’s risk of default is now spread across our largest banks,” he said, adding that spreading the risk of financial contagion to achieve “false confidence” in FRB is “bad policy.” may be.

See also: The best financial services stocks right now

The hedge fund manager said the SIBs alone might not have made these “low-yielding” deposits unless pushed and without assurances that FRB’s deposits would be protected if the smaller bank defaulted.

The 35% drop in First Republic shares at one point in after-hours trading suggests the market is unconvinced by this “fictitious vote of confidence,” he added.

FRB no SVB: Ackman noted that First Republic is a well-run, well-capitalized, service-rich bank with good assets and is loved by its customers. First Republic is not an SVB, he said, looking at the one that just collapsed Silicon Valley Bank.

“She gets into a bank run through no fault of her own. It doesn’t deserve to fail,” he added.

In lieu of the bridging arrangements, Ackman called for the government to hold hands. “We need temporary system-wide deposit insurance immediately until the expanded and modernized @FDICgov insurance system is widely available,” he said.

The First Republic press release late Thursday raised more questions than it answered, Ackman said. “We let days go by. Half measures do not work when there is a crisis of…