Banks Borrow Short, Land Long, and They Make Money Off of That

The rise in interest rates over the last year by the Federal Reserve potentially factor into this as well. This bank did way too much of this that they bought very long term stuff. And on the other hand, they did not expect their VC clients to take out their checking accounts at the rate that they were. I'm not an expert on what exactly they were doing there, but I am a little surprised.