This. And it's why things got a little scary when the other players in the market like Bridge, Signature, and PacWest (who acquired Square1) started taking shrapnel . These banks have found a way to help the high growth/pre-profit tech companies as they try to hit exit velocity. JPM, Wells Fargo, Citi, etc do not ever lend to these companies. They should, but they don't. They all have dudes running around the Valley and Austin saying they are trying to connect to emerging companies, but they just want the founders for their wealth management teams and then the exit work.
It's really important to the venture backed model that things stabilize and these other banks, who were all inferior to SVB in market share, come out of this still able to lend to Series A and B companies that are pre positive EBITDA.
And I agree Thiel deserves scrutiny. I am not a bankruptcy attorney or any kind of litigator, but if there is any potential claim against the VCs that initially started this run, I hope it's made. Would love to see the emails from Thursday morning come out in discovery. I am doubtful, though.