Moral hazard is if they made the investors whole. They did not. Depositors are not investors.
This is false. No depositor has ever lost insured money. Uninsured money has been lost.
E.g., Washington Federal Bank for Savings failure in 2018 [0] has resulted in dividend payments for uninsured balances covering only 41.66% [1], and that took nearly three years.
[0] https://www.fdic.gov/resources/resolutions/bank-failures/fai...
[1] https://closedbanks.fdic.gov/dividends/bankfind/Dividendinde...
Maybe. Part of the problem here is related to Glass-Stegall. Depositors are essentially the ones backing the investors at a bank these days. So, they just shifted who's footing things here, from the depositors and investors at SIVB, to depositors and investors at other banks. This approach has essentially dispersed the risk into the broader economy. As so, don't be surprised if this ultimately exacerbates contagion in the end.
[1] https://money.stackexchange.com/questions/129772/has-anyone-...