[patientplatypus]

This appears to be the case - the JPMorgan analyst is (paraphrasing) saying that if you did a fire sale on all of the assets of the banks in isolation the difference between their capital ratios (the amount that they have to have on hand to meet depositors) is minimal. Notice that of all of the banks in the fifth chart the blue line and the bronze line are nearly even - except for SIVB, which has no bronze line. That's not good. I can't speak to this person's methodology, but if what he is saying is true there's almost no risk of contagion in the broader banking sector. And if that's true then there's $152 billion dollars of VC capital that's going to evaporate Monday morning.

It should be noted that JPMorgan participated in the bailout in 2008, with the resulting headaches that that entailed, and Dimon has explicitly stated that he wouldn't participate in a current bailout. So JPMorgan may not be entirely objective. However, to my eyes, this appears rather clear.