Silicon Valley Bank (SVB) crash & the deadly cocktail of deposits-bonds-interest rates & imprudence

How did the 16th largest US bank, with a total deposit base of $189 billion in end-2022, collapse? ThePrint Editor-in-Chief Shekhar Gupta explains what went wrong with Silicon Valley Bank, once a tech startup darling, in episode 1,191 of ‘Cut the Clutter’.
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[@ThePrintIndia]

Early access, exclusive content, special privileges - Discover the great benefits of being a Member of ThePrint’s KZbin channel. Take a Paid Membership today. It costs just Rs 159/month. kzbin.info/door/uyRsHZILrU7ZDIAbGASHdAjoin

[@tedchandran]

Jai Hinduja. I could not have imagined how a low risks well funded SVB could have gone down faster requireing government bailout and guarantee to obviate market panic than a high risks underfunded Adani under Hindenburg attack without a shred of government help to small investors. Whither this is a karmic retribution, we small Indian shareholders who had suffered greatly will leave to heavenly judgement.

[@COSINEnil]

Now Mr. Shekhar Gupta is at forefront to explain us the SVB Bankrupcy at USA. But in Gautam Adani Scam, he always took a stand that no one should interfere and let market forces decide. Then, how come now the episode on SVB in The Print, when USA is a capitalist country. Why should we bother? Has The Print joined the GODI MEDIA league?

[@minalkherde87]

​@@tedchandran qq

[@minalkherde87]

​@@tedchandran qq

[@minalkherde87]

Aaqqqqqqq

[@ska5568]

I was born in Sri Lanka, now a citizen of Singapore. I'm a Tamil, never steped foot in India. But why do I feel whenever Guptaji is speaking, as if I'm listening to my grandfather's stories under the moonlit sky 🤔 Long life Guptaji 😊

[@harishrajora6453]

you are getting wiser and older....nothing else

[@sujesh4684]

I guess we all do😊

[@manjulashanmugasundaram706]

I don't know the first thing about finance, economics or banking. Yet I understood this. There lies your greatness. Thank you so much Professor.

[@rajx7120]

​@Sumeet tanwar If she understood then, she would have appreciated how our own govt has prudently handled the pandemic, by not pumping in liquidity like Chidambaram was asking to.

[@shobhitdagur1086]

True words mam

[@COSINEnil]

Now Mr. Shekhar Gupta is at forefront to explain us the SVB Bankrupcy at USA. But in Gautam Adani Scam, he always took a stand no one should interfere, let market forces decide. Then, how come now episode on SVB in The Print, when USA is a capitalist country. Why should we bother? Has The Print joined the GODI MEDIA?

[@rka-truthalwayswins5127]

Lolz!! Just one thing to know: American politicized banks & corporation's are as corrupt & dumb as their politicians!!

[@abhishekreddyputchala4046]

​@@rajx7120 the govt has done a good job and was pretty balanced in terms of pumping money through welfare schemes and investing in Infra.

[@rishichatterjee5741]

Raghuram Rajan says banks in US are crashing at the Christian rate of Collapse . . . . .

[@SamirMishra6174]

🤣 good one

[@sjshar5201]

Yes. And soon he will say that china, Europe and Americas are growing @ hindu rate of growth. It will be akhand bharat then. Apparently all his utterances are on account of recent media reports about fake currency scam.

[@ashokkumars7956]

😂

[@alchemist.3]

Brilliantly put across Shekharji... After Central Politics, North India Politics, North East Politics, Middle East Geopolitics and CORONA, you can add Banking regulation to your Forte (pun intended). Thank you for this CTC, well researched and put across in the most simplistic manner.

[@sauravsuresh]

Wow, these things should be taught in school, thanks shekhar Gupta ji this is very informative

[@MaheshPatel-nk9fg]

Brilliantly explained. The best teacher is the one who learns and understands the topic himself before teaching others. Shekhar you fall in the category of best teacher.

[@ThePrintIndia]

Thank you for the kind words. Since many of you asked me to cover this topic, I had to try, even if it is 'out of syllabus'...thank you for watching, best wishes, Shekhar

[@lastbrush]

This is pure gold 🪙.....Thank you SG sir for such a lucid explanation ♥️

[@ThePrintIndia]

Thank you for watching...best wishes, Shekhar

[@Ladisingh9]

$73,450,000 rs donated to BLACK LIFE MATTER. bank became woke and started donated money to BLM leaders .how can bank donate public money

[@scammicus7110]

Dialed in from Canada because Guptaji is the guy who can makes sense of this stuff. Thanks for your clarity and wisdom SG. 🙏

[@ashoks5317]

Time for Raghuram Rajan to be a board member of SVB ?

[@jugchats]

Thanks!

[@trekzindia7141]

I'm preparing for public sector jobs, this is the best news channel to watch. I never miss even a single show of SG sir 🙏

[@abhijitdeshmukh6902]

As things are unwinding after COVID, there is more and more proof that Nirmala ji handled Indian economy very well! Wise decision not to dole out free money against the trend and against the pressure of such expectations that time. I think she is not getting credit she deserves from analysts.

[@tejesheconomics4072]

Nirmala is not even 10% of FM as Jaitley. She is not even 0.000000000...1% of Manmohan Singh

[@abhijitdeshmukh6902]

@@tejesheconomics4072 thanks for sharing your opinion. Would be good to hear the justification behind it.

[@tejesheconomics4072]

@@abhijitdeshmukh6902 manmohan grew the economy from 2004 to 2013 (7years) (Including Global recession 2008)...by 250% while Nirmala and Jaitley grew the economy from 2014 to 2023(including Corona) (96%).... So you tell me. 1. Jaitley and manmohan were humble and open to discuss. But look at any press release or even Parliamentary discussion Nirmala is always angry and aggressive. I have never heard of her giving any logical and rational answers to any questions. When asked how could she not know the suffering of people due to raise in onions price. Do she not eat Onion?.. I don't eat Onion my family doesn't eat Onion (Indirectly showing her Brahmanical caste attitude). Running around Telangana asking IAS why Modi photo is not their not here like a baby (Because for every 1 Rs Telangana gives to centre it will receive only 0.4paisa back. So the rest of 60% of Telangana federal tax is enjoyed by UP and Bihar (so will bihari will print posters of thanking Telangana tooo). Her Logical of dollar strengthning........ She is one of the worst

[@amithabv1060]

@@tejesheconomics4072 he also gave rise to the problem of sky high NPA's 2 the growth that came during that time was also during a period of high commodity prices which helped India greatly 3 Also the inflation during that time breached qp% 4 Indian equity markets were somewhat insulated during that time unlike now

[@amithabv1060]

@@tejesheconomics4072 dollar is strengthening, how is that wrong?

[@KaranGoel93]

Thanks

[@ThePrintIndia]

Dear Karan, Thank you for supporting our journalism.

[@reindeer8842]

Channel called THINK SCHOOL explained SVB crash beautifully 😅

[@vish_globalist]

The basic issue here is the enormous rise in fed's interest rate from .25% percent to 5%. It's basically bad Fed decision making which has led to these rampant failures - the latest being Credit Suisse. Massive QE during covid basically lead to this.

[@crisvamc83]

0.25% is very bad. 😂. That throws people into bad disciplines.

[@mutluruvasudevan193]

Wonderful explanation on bank financial matters. Understood bonds rates come down when interest rates go up. 2. Now ,SBI, FDR rates in India has gone up. Hope, proper vigilance & expertise are on.

[@dip10]

Shaktikanta Das > Michael patra >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Raghuram Rajan ☺️

[@TheSadGuru]

Thank you Shekhar Ji for your excellent coverage!

[@prathamesh3_]

SG ji has revised my All money and banking concepts for upcoming UPSE prelims. 🙏🙏

[@maha-madpedo-gayphukumber1533]

Karma for trying to Destroy economies of other countries and Bharat. They think they can get away with it? Karma will always take care

[@jkardez4794]

Will Karma strike people who open 40 shell companies to fraudulently trade and cheat investors ?

[@mansigupta5265]

I just came across this video and I am glad that I opened it. Thank you for explaining it so nicely. Now I am planning to go through cut the clutter playlist!

[@rajendervallapureddy1564]

Who in right mind would invest in bonds when the interest rates are at almost 0%.

[@0609Bhuwan]

Actually the long term US treasuries were still giving some yield ... that is why & where SVB got screwed.. Most of SVB source funds were from basically Venture Capital raised by startups and simply parked till used. These are by definition fickle and easily movable deposits [ not like FD ] .. . SVB invested these in long term [ very secure ] government bonds to try and earn some yield... But did NOT hedge this "duration mismatch risk" - short term unfixed funds invested in long term fixed securities.. Due to Funding winter the startups started to draw on their deposits faster than usual and the Bank had to sell some of their bonds at a loss to cover the liquidity.... As the market learnt about the loss there was a rumor that SVB had liquidity issues and depositors started to move their entire deposits starting a classic run on the bank ... So basically SVB only made a mistake of not hedging for a duration risk... No fraud No reckless lending etc. just stupid risk management and regulatory failure

[@rajendervallapureddy1564]

@@0609Bhuwan thank you

[@ManikaGupta-fk9xt]

If he taught in my college I would never miss even a single class. pure phenomenal

[@rajgopalmn123]

Many thanks for clarifying the inverted relationship between bonds & interest rates !

[@arindamchakraborty6139]

Thats pure bliss..thanks Shekhar ji for this wonderful explanation 🙂

[@AkashSharma1201]

Sir, you missed the funniest part about this whole saga. The hilarious rumours and subsequent confusion with Shamrao Vithal Bank (SVB) of Maharashtra. They had to put out a clarification eventually, LOL.

[@ThePrintIndia]

I didn't mention it here, but we have carried an article on the mix-up. Thank you for watching...best wishes, Shekhar

[@hitenjain9558]

Very easy to understand and clear explanation of the crisis. Thanks you

[@lalrinralte8299]

Very complicated topic explained in a simple way. Thank you Professor Gupta

[@vivek84]

Thanks a lot for explaining this so well!!

[@khushiroy1511]

Mind-blowing 🥰 session shekhar sir 🌟💙 thaankuuu so much 💖

[@shivvanshchouhan8406]

👏🏻👏🏻👏🏻 excellent explanation sir

[@WetheHINDUSANDSIKHSOFINDIA]

Very good ,INDIAN START-UP DESERVE THIS!

[@raosaheb5637]

several banks have failed since SVB, hindenburg couldnt predict the downfall in its own backyard. the short seller is not allowed to report on new york listed entities. the royalist who jumped on adani over hindenburg report a name they never heard before, should rethink. adani, ambani, patanjali all are doing okay and will thrive. all were jumped in a gap of a couple of years by vested interest. most people dont understand investments and just follow like sheep. i got some ambuja cement for me, thanks to hindenburg report for cheap. will see how it goes in 6 months, already gained 3% in a few weeks.

[@AlwyneAvinash]

Hindenburg reports on frauds and not mismanagement by random banks, is it so difficult to understand

[@sanjaycasula570]

Yes Hinde berg also coudnt predict pathan movie was be such a big hit and i could catch a cold last week Shame on them .always wrong. do you understand Hinden erg was into stock market analysis while SVB is a lending bank crises . why didn't adani by our God predict this crises

[@jkardez4794]

Adani's auditor employs only 11 people. How many does Hindenburg do? And what was the magnitude of meltdown in the two cases.

[@pratplan]

Sometimes the teachers from non financial world are better than from the industry, I would recommend all MBA finance student to see this video by Shekhar Sir.

[@apurvapurat6797]

Thanks to you SG sir, you piqued my interest in Economics, Finance, and Politics.

[@Sandy_TheMonk]

Why banks failed? A naked & drunk woman boards a cab in America. Driver of the cab, a Gujju, keeps staring at her and does not start the cab Woman: Haven’t you seen a naked woman before? Gujju: cool down. I am not staring at you. I am just wondering where have you kept the money to pay me? Moral: This is what most of the banks failed to do. Assessing the repayment capacity before enjoying exposure… SVB's problem. 🤣🤣

[@amitranjan3191]

Shekhar Ji you do a fantastic job if there is no angle involved with current Indian government.. I have learnt and watch only those videos… fantastic job .. to me bond price was really counterintuitive

[@ratnadeeppaul]

SG will talk on anything to avoid talking about Pappu's UK trip...😅

[@ud1976]

Outstanding explanation of what happened! You’re a quick student!

[@ashugurtoo4835]

Loved the way u put it for the bonds and interest rates ...another good one

[@priyamawasthi6254]

If you want to find how Economies work, what roles do Banks play in it etc, "Talking to My Daughter about the Economy" by Yanis Varoufakis is a good read you could consider. He explains the concepts as if explaining to his nine year old daughter. He does so without getting too technical and with help of stories and examples which even a child can relate to. Helped me a lot. On a side note, also reminded me of 11th century book "Lilavati" by Bhaskaracharya II which is also in the same conversational style. From what I have heard, it contains a conversation between a father, a mathematician, and his daughter Lilavati, teaching her the concepts of Mathematics. Yet to read that one.

[@ramchandra2983]

Thank you so much sir, for explaining the bond market price and interest rate linkage. This was a puzzle for me since ages.

[@Muthusalem]

I am suspired how hindenburg missed to report that SVB is going to collapse!!!

[@pp_01123]

they release reort after investigating for years, in SVB case it happened quickly because of US Fed and market!

[@jkardez4794]

For such a huge group like Adani their auditors had only 11 employees . How many employees do you think Hindenburg has ? That's an eye opener if you knew it.

[@fk4519]

Brilliant explanation Sir. Thank you.

[@padmakumarvadhyar7656]

Great SG, hats off to you. Governments should come out with floating interest long term bonds.

[@dandmello5283]

👌👌👌Superbly superb I still love ❤ listening to a Journlist of my young Indian times 1980's Correct or not. It doesn't matter. but the loads of information does truly Matters.. for the common man Thanks a lot to THE-PRINT

[@haiderrazakhalid3317]

Excellent explanation of the SVB failure. Loved it!

[@rknaik76]

I also had that question in mind, you explained it very nicely in simple terms.

[@dr.sanjeevgokhale7702]

Beautifully explained sir!👍

[@goldenfreek77]

Thanks for explaining it so nicely.

[@maheshsankara8552]

Was just waiting for this one. Thank you SG !!! As it happens most often you didn't disappoint 👍

[@ThePrintIndia]

Thank you for writing in...best wishes, Shekhar

[@pradeepkulkarni2886]

Sir, very nice explaining. May I request you to make a video, about cost spent in caring for persons in last one year of life in India? This bankrupts many families.

[@rajeshpadhi646]

You have explained it so beautifully..thank you sir

[@kedarsureshgosavi8397]

Fantastic explanation!!!

[@theindian2226]

Thanks, Mr. SG for enlightening

[@akaj188]

Brilliant analysis , for laymen like me , on SVB crisis. Thanks

[@iminlovewithmymistakes]

Good job SG!

[@snrism]

Great explanation!

[@NIRAJKUMAR-ul5qs]

Thanks a lot sir for Cristal clear explanation....

[@graceocean8323]

With all this scary news making the headlines, is this really a good time to buy stocks? I know everyone says the market is ripe enough for buying but will stocks tank further this year? How long until a full stock recovery?

[@tampabayrodeo2474]

@Finest Bear Hug Working with a reputable investing coach is now the greatest market approach. Since a while ago, I've been in contact with a coach, mostly because I don't have the breadth of knowledge or mental fortitude to handle these recurrent market conditions. I made almost $700k during this downturn, demonstrating that the market is more complex than most people realize.

[@trazzpalmer3199]

@@tampabayrodeo2474 we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?

[@tampabayrodeo2474]

@@trazzpalmer3199 It's run by Maria Juliana Ramirez, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.

[@mcginnnavraj4201]

@@tampabayrodeo2474 I'm literally holding onto straws right now, so your tip couldn't have come at a better moment! I plan to call her after doing a quick internet search for her.

[@trazzpalmer3199]

@@mcginnnavraj4201 Maria Juliana Ramirez appears to be a true authority in her profession. I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.

[@nishitkumar3277]

Its surprising how such learned bankers failed to sell their bonds earlier and shift to newer bonds with higher rates of interest.

[@wisdomhighschool9975]

If Modi Govt. Is Supporting only Cronies, Than How Did India's Total no of Billionaires Explode from just 40 Billionaires in 2014,(mostly inherited), To 166+ Billionaires(New-age self-made Tech Entrepreneurs) in 2022 and Rising So fast that India had Created a Billionaire per every 11 DAYS in 2022 only behind the US with 2 bills, In last 8 years Under Modi Govt, The Number of New Startups in India Exploded from just 500 in 2015, To a Whopping 90,000 Startups in early 2023, Which is the 2nd Highest in the World and these Startups received a massive $ 450 Billion dollars in Fundings since 2015, And The Unicorns exploded from just 5 in 2014, To World's 3rd highest 114+, And India created More Unicorns than China in 2022, And The Gap is Massively Reducing and All this led to The Rise of 100,000's of Male and Female Entrepreneurs with a Rising hope under Modi Govt pro-Liberal Economic Policies, Foreigners Increasing Trust on India and it's Economy since 2014,This led to The Rise of Entrepreneurs and Billionaires under Modi Govt and They are Being Created in New age Fastly Growing Tech Cities Like Bangalore, Gurugram, Pune, Hyderabad and Noida etc which have Become Silicon Valley, Seattle,LA and SF of India with Technology as their Bases away from Traditional Financial and Industrial Cities like Mumbai, Kolkata, Chennai and Delhi Which have Become New York, Pennsylvania and Illinois of India with Manufacturing Industrial Bases

[@lordvondon]

Was waiting for this

[@arunkumartaori4591]

Indian Govt's investment in US Long dated Bonds must have suffered losses. The RBI has not made any disclosures about this.

[@sudeshnadastidar1059]

Thanks a ton for explaining such a complex problem in simple way. I tried other platforms also- my mind became more cluttered

[@shamikbhattacharyya6265]

SEKHAR SIR , IS THERE ANY POSSIBILITY ADANI GROUP WILL BUY #SVB OR #ISSB OR #SWISSIEBANK ?

[@jeevankommineni]

Hope Raghuram Rajan predicted this like he predicts about Indian institutions

[@suneel7053]

Brilliant. Thank you SG sir.

[@superjrao7161]

We have been listening to the same prelude many a time…. Request if it can be shortened… time is at premium for one and all.. hope it is taken in the right spirit

[@ravinakuwar1407]

Rating of US Economy would still be AAA+ by S&P, Flitch, World Bank. Despite of being 2 major Bank failures 🤣🤣🤣🤣

[@shravansodesetti]

Excellent 👌

[@HemaRajamani]

👏 👏 well explained

[@pb6206]

Hindenburg/ Soros/ R Rajan/ R Kumar left the chat 😛😛

[@jkardez4794]

Adanis doing roadshows and setting up more shell cos .

[@hmurugesh]

Nicely explained thank you

[@krishnamohan1065]

Very well explained

[@mongogoose]

Thank you for decluttering this chaos for our simpler minds :)

[@anupvkale1]

Fantastic CTC, while Hindenburg was busy analysing Adani on his back market of his own country was falling apart.

[@amitjoe6362]

Working 12 years for svb never occurred it will be feature here for all wrong reason 😢

[@orkkojit]

The requirements imposed by Basel III, which they lobbied for exemption from, were that SVB hold sufficient liquid assets to handle 25% of their deposits leaving over a 30-day period. But 24% of deposits left on Thursday alone, so this regulation would have changed nothing. Inaccurate information, sir.

[@StoryTime_By_Arunlal]

Could u explain!?

[@amithabv1060]

Basel 3 is not just liquidity regulation. It's a web of over a dozen metrics meeting which requires considerable resources and oversight

[@mushtaq174able]

Why no program on Adani issue from you

[@venkannabodapati9005]

Excellent

[@jayaramkathiresan491]

Thank you so much for the clarification. It is so simple that non finance professional like me could able to understand on Bond yields.

[@jaycdp]

This would have been valuable if you had this video 3 months back, Now anybody can accuse anybody. The mess is way too deeper than you think

[@KONSTANTINOSSEITANIOTIS]

why marked to market can in turn the result in need for capital raise?

[@yourfriend7745]

Informative But shekharji I wanted to share the real reason why bond prices fall when interest rates go up Bonds compete against each other on the interest income they provide to make them seem attractive to investors. When interest rates go up, newer bonds have higher interest rates so existing fixed-rate bonds must sell at a discount to compete.

[@1954Saleem]

there is another point . Banks when invest in bonds do a hedge on it . This is where SVB missed to save money on paying interest on hedge. so when bonds fell they did not have a hedge against

[@sabyasachichowdhury1815]

Nice and simple

[@focustostudy9969]

Thank you so much

[@MaheshBabu-rc4qq]

1) Any Bank, how much ever healthy & strong, will collapse if even 1/3rd of depositors demand immediate return of their money. 2) the liquidity ratios are similar to the CRR & SLR stipulated by RBI to Indian Banks. There is a cost to them as either the banks earn no Interest on cash held by them or low interest on those liquid securities invested by them. An optimal balance between liquidity & interest income has to be arrived at. 3) From what SG says, SVB collapsed not due to fraud but as a result of withdrawals from depositors consequent to rise in interest rates...I think maybe the more important reason is that most of the depositors belong to one industry/class - Investors in start ups, VCs, New Economy Companies, etc. So the rise in interest rates effected all of them the same way. Maybe if the depositors are of all classes of the society like other banks, then this situation wouldn't have risen. 🤷‍♂️

[@crisvamc83]

We simply think that For 1% change in interest rate of bond, for face value of 1000, the change should only be 10. Why did the bond go to 925 instead of 990? Because the bond term will be longer like 10/20/30 years periods and the time factor will also be included.

[@riser9644]

Can you make a video explaining adani also or will you ignore that

[@yogeshbabu9942]

Usa banks collapse is mainly because of liquidity, increase of int from 1 to 6% resulting mis management. Here in hindustan int range is between 4 to 7% and with experienced rbi head, cleaning of banks, survival during tough covid time, we will sail smooth compared to any economy in the world.

[@surendrabarsode8959]

The net effect of this periodic nonsensical banking crisis is that many banks lose a lot of their shareholder value and finally going belly up. Instead of this, Govt should do the simple thing- offer current, saving and FD accounts in a Govt bank ( along with participation in payment system) with 100% risk free guarantee of deposits and reduce its borrowing via Treasuries to that extent. This way, depositors have 3 choices- 100% risk free , risk free up to limit of deposit insurance, say 5 lacs rupees and then 100% risky deposits! This way, if a bank fails, usual chest beating and shouting will not be seen, as every one chose one of the 3 ways of deposit keeping, as per own's rational choice! It will be much easier to deal with such crisis, if it occurs.

[@agytjax]

If something is 100% risk free, banks will offer 0% interest and you'll lose the valie to money (due to depreciating time value of money). Is that ok with you ? And whatever you suggested already exists in some forms . Savings account (low risk and lowest interst rate - lower than inflation), FDs (upto 5 lakhs, moderate risk) and Equities (high risk). So you choose

[@raamcaash]

Great vlog … also I think some vested high net worth investors … Peter thiel… probably a run on black rock who are the major investors in SVB

[@prateeksharma7435]

It may not be a collapse based on bribes, bad loans for kickbacks, but such careless investments by an entity as banks is also equally criminal.

[@crisvamc83]

Also SVB attracted depisits at 2.22% when other banks are giving at 1.6%. You have to lend risky loans to achieve that.

[@sathyendrababu7868]

Soooperr sirji! 🎉

[@prasuncdas]

This is good enough for school kids only.