They handled SVB itself, fine. It's a bank that didn't manage interest rate risk sufficiently so its equity holders got zero'd out but depositors are made whole

They handled SVB itself, fine. It's a bank that didn't manage interest rate risk sufficiently so its equity holders got zero'd out but depositors are made whole. That's fine. Wish they would handle the next SVB the same way, and the one after that, since there are many other banks that mismanaged risk. But they're not. The next banks all get to keep their equity because the fed is putting out a lifeline (the new BTFP facility) so that they won't be zero'd out the way SVB was.