I’d imagine they’re pissed off the same way Credit Suisse employees are after Archegos blew up. Everything was going fine, but in a corner somewhere someone was

I’d imagine they’re pissed off the same way Credit Suisse employees are after Archegos blew up. Everything was going fine, but in a corner somewhere someone was making absolutely stupid investment and loan decisions that lead to a catastrophic blow up. The bank bought LT bonds extremely heavily at historically low interest rates, proceeded to not hedge the rate risk AT ALL, and held them while interest rates were pounding their value well below their carrying value. If they were marked to market they would have been forced out of their spectacularly stupid decision before the bank blew up, but instead they acted like a punter on margin and refused to reduce risk while losing all of their money. Make no mistake, even if the bank hadn’t blown up they still locked in ~15B in losses by holding those bonds while rates went up to 5%.