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Is There a Run?
I think the run was because they were insolvent. The high interest rates were causing funding cost increases for them. If Silicon Valley is trying to finance their 1% fixed interest rate treasuries or agency, US agency securities, at 5%, they're pretty quickly going to be insolvent. In this particular case, some really big fraction of their deposits into the 80% range or something were uninsured. Do you think that Peter Thiel has any responsibility in triggering the run?