I reread your original message and the underlying theme seems to be the inevitability of ending up more or less in a situation similar to the one of today. I d

I reread your original message and the underlying theme seems to be the inevitability of ending up more or less in a situation similar to the one of today. I don't believe the natural progression theory fully explains what happened and I was trying to emphasise that the article contradicts your theory in several places. In particular: * their failure to learn the lessons of 2008, which most other banks did learn. * several power struggles for key leadership positions * outright incompetence in risk management. To summarise: your analysis about the forces at play is likely correct. However one needs to mix in incompetence and greed to get today's result, something which you explicitly excluded in your first sentence. I am outraged at what happened (I am a Deutsche customer) and some of that slipped into my message. I do apologize for that.