Real banks hedge interest rates as required by regulation (and sanity). SVB lobbied Republicans to have regulation removed. SVB had hedges and let them expire

Real banks hedge interest rates as required by regulation (and sanity). SVB lobbied Republicans to have regulation removed. SVB had hedges and let them expire while it had no risk officer. Theil apparently recommended cash at SVB after the failure of his funded Glorifi bank, but it's unclear why large sums (in excess of monthly needs) would be left by any company in any bank (if only because there's no interest). Were there other loans being made against deposits? https://www.wsj.com/livecoverage/stock-market-news-today-03-13-2023/card/silicon-valley-bank-dropped-a-hedge-against-rising-rates-in-2022-6MiD9ZLVY9CF8zbIM7ze https://www.wsj.com/livecoverage/stock-market-news-today-03-... https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/ https://theintercept.com/2023/03/11/silicon-valley-bank-used... https://www.businessinsider.com/anti-woke-bank-backed-peter-thiel-folds-after-three-months-2022-11 https://www.businessinsider.com/anti-woke-bank-backed-peter-... It was actually the raising of 10y long term rates (which are not controlled by the Fed) which caused the value of SVBs MBS to fall. That in turn is mostly affected by inflation expectations.