Unpaywalled: https://archive.is/xMscB
I'd like to see a post-mortem or some sort of regulatory investigation to understand how it all went wrong. SVB had a risk management department, so what compelled SVB to make the decision that sealed its fate?
There can be more than one link in a causal chain. The broad problem was bank executive choices. But the urgent problem was a bank run caused in part by VCs telling everybody to take their money out.
SVB didn't fail because of "FUD", but because of a dumb decision to invest at the top. SVB is squarely at fault here.