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Ken Griffin, founder of the Citadel hedge fund, says the Federal Reserve’s Silicon Valley bank bailout shows American capitalism is “crumbling before our eyes.”

Griffin told the Financial Times that US taxpayers didn’t need to bail out institutional investors after the Fed decided to step in to prevent contagion across the banking sector following the collapse of the Santa Clara-based SVB.

“The US is supposed to be a capitalist economy and that’s collapsing before our eyes,” he said in an interview. “There has been a loss of financial discipline as the government has fully bailed out depositors.”

Read Griffin’s thoughts on the US economy here.