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I've started playing with data to check some of my thoughts about the failure. Given that SVB had less than 10% of its balances below the FDIC limit, one obvious question to ask was:

"What is the distribution of covered balances across other banks?"

I think this is the answer:

"Most other banks have about 75% of the balances covered"

There are probably lots of interesting details and nuances here ... more to come later.

Data came from here:
banks.data.fdic.gov/docs/#/

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