don't know about them because we're not investigating them. So, just something to keep in mind as the news drip keeps coming that not everything that this bank messed up doing is the reason it failed. There are simpler business model flaws that are the reason it failed, but we're going to find out more about all the management failures and who messed up where. But that being said, go back to the question. Yeah, the SVB had basically a bunch of interest rate risk that they had short term deposits, they have long term assets, it's sort of the core banking risk. They failed to hedge interest rates using derivatives or anything else like that relative to their competitors. And so basically, as the Fed starts raising interest rates, the valuations on those assets of lower interest rates start to go down and SVB had a bunch of unrealized losses, which again, weren't crucial until they started losing funding. And then you can think of the marginal funder of the bank who wants to fund a bank (9/36)
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