I think it's evident that in the case of Silicon Valley bank you had a terribly managed bank, but I think you also need to turn an eye towards the regulators and in this case The San Francisco Fed, which should have had a handle on this [Silicon Valley Bank's risk]. What happened is so obvious that was a risk. And then particularly the risk at Silicon Valley bank was poorly managed. Their deposits were highly, highly concentrated. (02:23–02:36)
CLAIM
Asserts that the San Francisco Fed should have managed the risk at Silicon Valley Bank.
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