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Fortune

Sheryl Estrada

A risk management nightmare at Silicon Valley Bank

SVB Silicon Valley Bank Mark T Williams the Federal Reserve FDIC Fortune SVB Financial Group

Signage outside Silicon Valley Bank headquarters in Santa Clara, California, US, on Thursday, March 9, 2023. SVB Financial Group bonds are plunging alongside its shares after the company moved to shore up capital after losses on its securities portfolio and a slowdown in funding. (Credit: David Paul Morris—Bloomberg/Getty Images)

Good morning,

“I think this is a colossal failure in asset-liability risk management,” Mark T. Williams, a former bank examiner for the Federal Reserve, tells me.

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