Three things I can see: 1. way more deposits than they historically managed, with no-where good to put it. 2. failure to do what banks do, which is arbitrage

Three things I can see: 1. way more deposits than they historically managed, with no-where good to put it. 2. failure to do what banks do, which is arbitrage their position, putting a huge amount into long-term low interest bonds 3. looking for loopholes in liquidity & stress tests, and reporting exemptions that might have raised earlier alarms #3 is inexecusable but the other points are in the "bad at your job" category.