this very steep tightening cycle. I think it would be extremely helpful if you could walk us through your understanding of how the bank got here and the role played not only by their portfolio management and this duration mismatch, but also what we know about how the run happened, which as I understand it, was driven by the bank's need to raise capital and because of the very concentrated deposit base, venture funds in the valley and their companies caught wind of this and they basically had a bank run. Sure. And a lot of this information is still coming out in real time. And that's another thing that made me to note up front is sort of the nature of when a bank fails and it becomes a crisis or the nature of banking crises is you do these ex post investigations and it looks like a lot of fraud, it looks like a lot of mismanagement. And those things are true, it's just worth noting that those things go on every day in the banking sector and they don't cause bank failures because we (8/36)
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