[postexitus]

Risk management is not that difficult. Interest Rate exposure is a first order risk that even juniors should be able hedge out properly - it's not some exotic event where correlations went out of whack or something. These guys were either clueless / had no visibility into their balance sheet or outright criminal.

[Mezzie]

I'm a child of a bookkeeper with no econ training under my belt and I know about interest rate exposure and risk hedging. And there have been discussions since 2008 about how long QE and low interest rates could last, it's not like that was a new question.

[dsomers]

Exactly