Michael Burry exits stakes in 6 banks after betting big amid regional bank crisis

News Snapshot:

Michael Burry, who famously shorted subprime mortgages ahead of the 2008 financial crisis, closed out the majority of his regional bank trade in the second quarter, filings with SEC revealed Monday. Burry's hedge fund Scion Asset Management zeroed out stakes in Western Alliance (WAL), Huntington Bank (HBAN), PacWest (PACW), and First Republic (FRCB) during the second quarter. First Republic was seized by the Federal Deposit Insurance Corporation and sold to JPMorgan & Chase at the beginning of May. PacWest agreed to merge with rival Bank of California (BANC) in late July in a deal set to close next year. In...