The 20th largest bank in the US was just closed by California state regulators.

Silicon Valley Bank was rumored to be in a sale process to protect its depositors.

Now, it's the second biggest banking failure in US history.

All because of a secular bet against rising rates:

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Deep dive thread on topic from Jon

Key point from a really good thread on #SVB. I would add that the reason why SVB tried to restructure its balance sheet when it did was the collapse of Silvergate Bank, and the reason why that caused a disastrous bank run was also the collapse of Silvergate Bank.