For most people — from casual observers to financial market news junkies — the recent demise of a duo of regional U.S. banks has been a shock. “How could this have happened?” concerned citizens have wondered aloud. For those of us in the industry, though, on some level, it should have been predictable. The concept of what went wrong has had everything to do with time and acceleration, rather than simply the higher interest rates that some commentators would like to blame.
