FUN FACT.........
The buried lead on SBV is that they got caught sideways on losses in relatively safe mortgage backed securities. They made a 10 year bet that went south on interest rate increases. It was interest rate risk not credit risk.
Now how many other banks made this mistake?
In other words they got the macro wrong and suffered the tyranny of bond math. When rates go from zero to 5 % in a year it’s devastating.
This is just getting started and many others likely screwed this up.
Unrealized losses system wide.
In the end, the is the fault of the Biden regime, Congress, and the Federal Reserve.
Republicans need to subpoena the bank CEO and ask him under oath if the Biden Regime knew he was going to sell $3M in stock a week ago and pay out employee bonuses the day of the collapse. My guess is that he'll say they knew and gave him the go ahead because they are the ones who caused it and gave him the assurance they'd bail out the bank AFTER he and the employees got paid.
