You can certainly draw that chain of events. However, just because the link can be drawn, doesn’t mean it was the ultimate underlying cause. If the depositors

You can certainly draw that chain of events. However, just because the link can be drawn, doesn’t mean it was the ultimate underlying cause. If the depositors weren’t so heavily coordinated and concentrated together, there’s no way the money would have come out that fast, if at all. Regardless of the loss on the bond sale.