US Treasury trying to hide in technicalities a gigantic subsidy to SVB: treating of collateral at par (buying bonds worth 80 at 100) goes against every risk management principle of the last decades. See thread.
RT @DanielaGabor: forget about SBV liabilities for a second, the real bailout story is the regime-change in the Fed's treatment of collateral:

par value goes against every risk management commandment of the past 30 years.
it turbocharges the monetary p…

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635250373211602944