It's true, but it's possible (quite likely actually) that the Fed and the FDIC looked at SVB's balance sheet, and concluded that they can make good on all the d

It's true, but it's possible (quite likely actually) that the Fed and the FDIC looked at SVB's balance sheet, and concluded that they can make good on all the deposits given the FDIC insurance (of $250k per depositor) plus the new funding facility that allows banks to borrow against high quality collateral valued at par, rather than fair value. It does not follow that the math will work out with every single bank that's underwater out there.