If there are bad guys it’s the VCs who coordinated the bank run. Even still, each of them was acting rationally and not maliciously, but they’re all savvy enough to know that racing for the exits is going to kill the bank.

If SVB's activity can be described as "yield chasing", there is no way clients, whatever their actions were, deserve more blame than the management.

Eh, if “clients” and “management” were totally distinct, I’d agree. My understanding, and I’d welcome correction from those more knowledgeable, is that the SVB was hardly independent from the VC powerhouses.