That’s because in those situation, SVB didn’t put $91b of its deposits into mortgage bonds right before interests rates soared. Those bonds are now worth a lot

That’s because in those situation, SVB didn’t put $91b of its deposits into mortgage bonds right before interests rates soared. Those bonds are now worth a lot less (and will be sold for even less still to other banks that want to pick them up on the cheap). Every crisis is different, but hedging so much money in one basket seems to be the real undoing here. I’d posit that the bank, which was much smaller in 2000 and 2007, didn’t make those sorts of moves then.