[tptacek]

I don't know either. I've been wondering if it's largely because SVB is a weird bank. They were huge --- larger than American Express --- but with an unusually small and extraordinarily correlated based of depositors. I think it's hard to understate just how strange SVB's customer base was; the closest analogy I can come up with is the Last of Us zombies, all perfectly connected with fungus hyphae.