The problem with the T-bonds and MBS losing value when rates went up may be the proximate cause, but there certainly is more to the story. They actually had a

The problem with the T-bonds and MBS losing value when rates went up may be the proximate cause, but there certainly is more to the story. They actually had a good portion of this exposure hedged in 2021 and didn't renew the hedge in 2022. The people running SVB were not stupid and were very aware of this risk, yet they chose to take it. There is a reason for this which we will find out in the fullness of time.