Which part is silly though? The JPM report is indeed essentially saying that they didn't properly hedge interest rate risk. It just adds that SVB's situation w

Which part is silly though? The JPM report is indeed essentially saying that they didn't properly hedge interest rate risk. It just adds that SVB's situation was exacerbated by the fact that the health and size of the deposit base they had cultivated was also inversely correlated with interest rates (ie VC and startup activity declines with rising rates), which made their situation even more precarious than at other banks.