Truly astounding stuff.
From https://www.vanityfair.com/news/2023/03/silicon-valley-bank-run-panic-should-not-exist
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Funny thing is, I'm not super mad about how it's working out, all things considered. The leadership of the bank is canned. Depositors are made whole with no meaningful cost or risk to the taxpayer.
The saddest parts are that a lot of SVB employees are out of a job, a bank that was admired for its service is gone, and the biggest banks probably benefit from this.
@acjay Best comment I've seen so far is that there are two ways to increase concentration in banking:
1. Let big banks acquire troubled banks
2. Don’t let big banks acquire troubled banks