So a bank is in distress, it has collateral, but the FED - THE lender of last resort - chooses to fkem basically. "The Fed needed a test trade to be run before

So a bank is in distress, it has collateral, but the FED - THE lender of last resort - chooses to fkem basically. "The Fed needed a test trade to be run before the actual transfer could occur. That took time and the Fed didn’t extend its own daily deadline of 4 p.m. PT for collateral transfers to help SVB. Time ran out on the bankers and SVB couldn’t get the money that day." Though, maybe they should never been in that situation to begin with.