[EDIT:] See the thread, it seems that the story may have stolen from the tweet! Pretty shocking for one of India's biggest business publications (and with 2 million Twitter followers).
He is correct, but he is blaming the FED raising interest rates.
The responsible is not the FED, but the negligent management of SVB that purchased such products because of greediness.
When interest rates raise, previously issued bonds lose in value because there are more attractive ones available.
It's like if they missed the Chapter 1 lesson about investing into bonds.
So because they have one webpage giving lip service to diversity and the environment, they automatically don’t value their core competency?
I’ve seen a few conservative tweets trying to tie DEI and ESG into SVB’s collapse in a weird attempt to tie it to a cultural war. It just doesn’t make any sense. DEI and ESG are side shows for just about any company and probably pay for themselves as marketing and employee retention for a Silicon Valley focused bank.
The values “We keep learning and improving”, “We take responsibility”, and “We speak and act with integrity” would all play into managing money responsibly.
>So because they have one webpage giving lip service to diversity and the environment, they automatically don’t value their core competency?
Not enough to put it on the page where they discuss things they value as an enterprise. Seems kinda important to leave out. And speaks to the failure of competency.
They don't value merit, they value meeting arbitrary quotas to look good, and now they met their end. Totally relevant.
Some people are downvoting my reply to jamiequint https://news.ycombinator.com/item?id=35100305 but if that comment becomes dead then you won't be able to see his reply to me or the surprising conclusion of the story.
[1] - https://twitter.com/jamiequint/status/1633956163565002752
That tweet is unattributed verbatim from https://www.livemint.com/news/world/explainer-silicon-valley...
[EDIT:] See the thread, it seems that the story may have stolen from the tweet! Pretty shocking for one of India's biggest business publications (and with 2 million Twitter followers).