Larry Summers version of the bank failure coverup
Former Treasury Secretary and Harvard President Larry Summers adds his weight to the coverup of why the Silicon Valley Bank failed: the bank borrowed short and invested long.
But what actually happened was the bank bought Treasury bonds during the period when the Fed was committed to low interest rates. When the Fed switched to higher rates, the existing bonds lost value, and Silicon Valley was pushed into insolvency by the change in the Fed’s policy.
https://finance.yahoo.com/news/silicon-valley-bank-committed-one-135059554.html [1]