The story of Silicon Valley Bank’s collapse isn’t terribly complicated. A bipartisan push for bank deregulation paved the way for incredibly risky behavior at SVB. As Bloomberg’s Matt Levine explained, the bank was funded by deposits from Silicon Valley firms and venture capitalists that exceeded the $250,000 U.S. deposit insurance cap and were “disproportionately” invested in “U.S. Treasuries and agency mortgage-backed securities” without much protection in place to guard against the possibility of an interest rate hike. “But then,” Levine notes, “rates went up a lot, pretty fast,” causing the “market value of SVB’s bonds to decline by some $15 billion, to the point … its losses on the bond
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