I'll close by noting that the Washington Post had a journalist on the ground outside of Silicon Valley Bank in Menlo Park, but the New York Times did not (at least not when I was there). Worth noting as you read coverage of the #SVB fallout over the coming weeks and months. Why? Because when press outlets don't have journalists on the ground, they rely on the bullshit spin that comes out of crisis comms and PR shops. I fully expect a lot of faux-empathetic framing that pushes for a bailout. /X
Lots of "thought leaders" on the hellsite and elsewhere are already bullshitting about the #SVB failure and blaming it entirely on the banks balance sheet. That's a reductive and shallow take. Their balance sheet and naked risk was a factor but, at the end of the day, SVB was very well capitalized and their spread was 2.00% as of last quarter. They went under because their CEO fucked around, there was a $43 billion bank run but SVB could only come up with $42 billion, and investors panicked.