Billionaire Esteves Says ‘Any Intern’ Would Have Seen SVB Risk

Billionaire Andre Esteves, the co-founder and chairman of Brazil’s Banco BTG Pactual SA, said that “any junior analyst” from Latin America would have known how to manage the interest rate risk on Silicon Valley Bank’s balance sheet to avoid its collapse.

Esteves, speaking at a BTG event in Santiago, Chile, said the volatility roiling global markets is a result of 15 years of complacency during near-zero interest rates that led to widespread excesses. People were caught off guard when rates suddenly spiked and didn’t have the real life experience on how to manage those risks, he ...