My latest for the Sound Money Project on Silicon Valley Bank’s failure and financial regulation. According to Michael Barr, the vice chair for supervision at the Federal Reserve, Silicon Valley Bank’s failure was a “textbook case of mismanagement.” Perhaps that’s unsurprising. Regulators are unlikely to conclude that the second-largest bank failure in American history was due to inefficient regulation. What did SVB management do? Why did they do it? And, was the problem purely inadequate management?