(per Bloomberg) Auction for #SVB underway. Fingers crossed. sources on Twitter have suggested that 50% of the bond portfolio was sold off by Friday afternoon.

In this Silicon Valley Bank situation, it might be worth giving a little credit to the #FDIC. Most people are talking about #SVB as a once-in-a-lifetime event. But, FDIC has gone through this 562 times in the last 22 years. Bank failures are not that rare. For everyone in a panic that the money is lost -- that's probably not the case. The assets of SVB are not worth nothing. SVB went down for *liquidity* reasons, not *solvency* reasons.

The current crisis at Silicon Valley Bank brings back so many lessons from 2008 Global Financial Crisis. Here’s a light thread on what is happening now and what might happen next if history rhymes. $SIVB SVB is suffering from a classic “run on the bank.” Banks play a game of liquidity – where they have nothing close to enough cash to meet all the depositor assets. If even 20% of customers asked to withdraw all of their money, the cash drawers would all be emptied out.