Yesterday, the Federal Reserve issued its report on the causes for Silicon Valley Bank's failure. Linked is the 118-page report with a cover letter, signed by the "Vice Chair of Supervision" of the Federal Reserve, a Mr. Michael S. Barr.
Surprisingly, the report cites not only the failure of SVB's management to do its job, especially in managing risk (virtually nonexistent) but also the Fed itself for shoddy supervision of banks with far too many uninsured depositors.
In this day and age of the government looking to blame everything and anything other than itself, it's kind of refreshing to see this. Of course, no heads at the Fed will roll due to a fundamental lack of supervision over banks with over $100 billion in assets. Gotta protect them jobs, after all, right Mr. Barr?
https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf