Let's Break down what happened at SVB.

SVB mismarked the risk they exposed their balance sheet to for their SWAPs positions, most of which was not reported and probably held in their Independent Holding Company.

Courtesy of Michael Cembalest from JP Morgan, this graph is one of the best displays of SVB's poor Risk Management, or is it another example of outright fraud?

SVB mismarked the risk they exposed their balance sheet to for their SWAPs positions, most of which was not reported and probably held in their Independent Holding Company.

The Basel Accords spelle…