The best explanation of what happened to Silicon Valley Bank is this piece by Marc Rubinstein at Net Interest:

“When you’re not working, what do you do to de-stress?”

That was the last question Greg Becker, CEO of Silicon Valley Bank, fielded at an investor conference on Tuesday this week.

“Cycling is my advice,” he replied. “Living in Northern California and being on the peninsula. That’s just — I think it’s the best bike-riding cycling in the world, period.”

Three days later, Becker’s bank is in receivership.