You forget to consider, in your blame list, the people who created the unstable situation in the first place. If I put a pencil on a table, balanced on its tip,

You forget to consider, in your blame list, the people who created the unstable situation in the first place. If I put a pencil on a table, balanced on its tip, can we find which puff of wind to blame when it falls? The bank's leadership, for example, by choosing to focus heavily on one industry known for rash herd behaviors, both benefited from it some (lots of VCs recommending them) and now seems to have been undone by it. The bank's regulators might have also looked the other way, we'll find out more.