Month: February 2023

Silicon Valley Bank —

The Jury is Still Out

“mor·al haz·ard … a lack of incentive to guard against risk where one is protected from its consequences.”

– Oxford Languages

“A billion here, a billion there, and pretty soon you’re talking about real money.”

– Everett Dirksen

Haven’t we been here before? The SVB matter in particular has brought back a lot of bad 2008-2009 memories: swirling rumors of bad credits on the balance sheet and inadequate bank capital; bank stocks cratering on Fridays because of weekend uncertainty; shotgun marriages over the weekend; shareholder wipe-outs on Monday. Wasn’t Dodd-Frank supposed to take care of such drama, among other things,

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