[pclmulqdq]

I'm not sure if we know how much of the blue bar is recoverable. SVB is holding a lot of fixed-income vehicles that currently yield less than:

* Depositing money in a fed account (available to banks)

* Depositing money in a money market savings account

* Every treasury instrument you can buy today

When they go to sell those assets, they may take a much bigger haircut than the pricing models suggest given the supply and demand. The assets definitely won't be worthless, but they may not be worth very much.

[Scoundreller]

> Every treasury instrument you can buy today

Treasuries don't even need to pay more than a savings account to be the rational choice as they aren't subject to local/state income taxes. That's a bigger than average advantage in California.

Add to that no $250k limit either.