The Failure of SVV

When the Fed rates interest rates, that means the value of long term bonds goes down. So on their books, that declines. And this wasn't like a secret, you know what I mean? Like people knew about this. It's not like anyone's like caught flat footed or whatever. You know, for some reason, none of the kind of traditional hedging of duration risk that happens at other institutions happened at SVV. That seems like a complete failure on their part. But it really did spark an insane run on this bank.