What Happened in Silvergate?

Silicon Valley Bank, which is obviously big in the tech VC world, a lot of small companies and startups have their accounts with Silicon Valley Bank. They essentially had this interest rate risk problem that they had a lot of these bonds. So what did they do? Well, the managers, you know, the investment managers at the bank, decided, well, the Fed is telling us that inflation is just transitory. It's going to be over soon. The rates were off by about 4%, which is absolutely unbelievable. I mean, it's four to five times. Powell put rates on a rocket ship, right? Yeah. And, and so for your listeners, yeah, I mean