[xeromal]

The black swan event was the fed driving up treasury rates which made the bank's bonds worthless. Of course, it was dumb of them to assume they would never go up, but clearly many many banks thought it was ok.

I always think of that saying "If you owe someone a thousand dollars, you're in trouble. If you owe someone a million dollars, they're in trouble."

As much as I'd like to see greedy banks burn, the main people who will feel the most pain are the regular joes.