Their risk was duration and idiosyncratic depositors. What got them was that the Fed raised rates the at the fastest rate ever, and a classic bank run from well

Their risk was duration and idiosyncratic depositors. What got them was that the Fed raised rates the at the fastest rate ever, and a classic bank run from well-connected depositors starved for cash. But were they irresponsible? Not really. This is a scenario that's very easy to see the flaws of in hindsight.