The shear volume of misinformed, misleading, or malicious takes produced over the weekend, priced at a buck each, could probably cover whatever losses are eventually realized in this mess.
I don’t mean to minimize this severity of the problem - if a bank can follow the rules, and be undone so easily, the rules need to be reevaluated. SVB management was negligent in their risk and deserves to be wiped out. But in a disaster precipitated and fueled by panic, professional and amateur purveyors of opinion and analysis should take more care to be well reasoned and factual.
I don’t mean to minimize this severity of the problem - if a bank can follow the rules, and be undone so easily, the rules need to be reevaluated. SVB management was negligent in their risk and deserves to be wiped out. But in a disaster precipitated and fueled by panic, professional and amateur purveyors of opinion and analysis should take more care to be well reasoned and factual.