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  • The Atlantic

    The End of Silicon Valley Bank—And a Silicon Valley Myth

    We are still learning exactly how much of this industry’s genius was a mere LIRP, or low-interest-rate phenomenon.
    by Derek Thompson Mar 14, 2023 4 minutes
    Source: Illustration by Joanne Imperio / The Atlantic. Source: H. Armstrong Roberts / Getty

    Updated at 4:32 p.m. ET on March 14, 2023

    This is Work in Progress, a newsletter by Derek Thompson about work, technology, and how to solve some of America’s biggest problems. Sign up here to get it every week.

    Who killed SVB—and triggered the mini–banking crisis sweeping the United States?

    You could blame the bank’s executives, who bet $80 billion on long-term bonds that bled value when interest rates went up, thus torching their portfolio with fantastic efficiency.

    You could blame the Federal Reserve for falling behind inflation and then quickly raising interest rates, bludgeoning investors who watched in horror as their bold portfolios melted down.   

    You could blame regulators or the, who gave SVB a clean bill of health when they looked into its portfolio just weeks before its historic collapse.

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