[throwaway98211]

Black-swan events aren't just 'part of business' - they are generational events that upend the established norms of a market.

What happened here is that the government changed the rules (i.e. risk / reward profile) of a well-established market overnight with very little recourse for the players involved. It would be like the government removing FDIC insurance on savings accounts during a bank crisis.

Maybe necessary, but hard to argue it was fair.