SVB was screwed. They bought at the tippy-top of the bond market and didn’t bother to hedge interest rate risk. The unreported losses were huge. It was just a

SVB was screwed. They bought at the tippy-top of the bond market and didn’t bother to hedge interest rate risk. The unreported losses were huge. It was just a matter of time before they bled deposits, were forced to sell and mark to market. Eventually people would notice and a panic bank run would happen. This actually could have occurred as early as Jan when others started to discuss the problems and predicted the bank failure.