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- SVB was a "hedge fund in drag," taking risky bets at a poor time, Chris Whalen said.
- But other banks shouldn't be blamed for losses in their bond portfolios, he told CNBC.
- Instead, the losses are the Fed's responsibility after it hiked rates aggressively, he added.
Banks shouldn't be blamed for the losses in their bond holdings — but Silicon Valley Bank's failure was self-made, according to Chris Whalen, chairman of Whalen Global Advisors.
In a Thursday interview with CNBC, he instead blamed the Federal Reserve for keeping rates low with massive bond purchases, then suddenly raising rates sharply.
"You cannot blame the bankers for this," Whalen said, "because the government is manipulating the market."