The SVB Collapse, How the Government Responded, and the Era in Tech that Ended This Weekend
Sharp Tech with Ben Thompson
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SVP, Not SVP Shot Out to Scott Van Pelt
SVP was doing very, very well. They were invested in these long term plays that then they had to sell once depositors began pulling out their money. If you sell some portion of those assets, your entire book must be immediately marked to market. And if your entire book is marked to market, you are now insolvent. This has been a known thing for a while. I think I first read about Silicon Valley bank being in the situation four or five months ago.
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