I think you're right. They did not understand the needs of their customers (companies) that contributed the bulk of their deposits. They were not assessing the

I think you're right. They did not understand the needs of their customers (companies) that contributed the bulk of their deposits. They were not assessing the risks and changes occurring in the market that could affect the behavior of their primary customer base. I read they went 8 months without someone in charge of risk management, so it appears this is completely an own goal.