by Wolf Richter, Wolf Street:

Not learned a thing since the Financial Crisis. Relying on ratings, preferred stock holders found themselves bailed in, bondholders got crushed.

Let me just divert your attention for a moment from the collapse of SVB Financial and what it might and might not mean for the financial system or the startup bubble or whatever, to another troubling aspect of SVB Financial that shows that no one has learned anything since the Financial Crisis, least of all the credit rating agencies.