Could you explain why that's a distressing conclusion?
Not saying I studied the data and concluded that; it's just what I wanted to believe.
$20b loss to FDIC insurance fund feels high. It still meets the technical definition of "no losses borne by taxpayers" but it's a lot of money. I've gotta believe it's among the largest ever if not the largest ever losses borne by the FDIC for a single bank failure.
Distressing – some combination of having been in denial about just how screwed up SVB was financially, paired with concern for what this will mean if the dominos keep falling.
And yes, if it does cost $20b, it will be the most expensive single bank failure (exceeding IndyMac).
Limits (possibly to include prohibitions) on using H2M accounting to back demand deposits would be a more targeted (and therefore appropriate) intervention.