Silicon Valley Bank: the multiple warnings that were missed

Let's look at what happened:

The bank basically bet the house on 10 year treasuries in the midst of a time of unprecedentedly low interest rates. It took the extra money that it should have spent on shorter-dated investments, and spent it on client relations, C-suite bonuses, marketing, and lobbyists....instead of using it to hedge against their largest position.

This is an abject failure of the most basic of basic risk management rules. This was a classic case of bankers deciding to make an absolutely stupid gamble...on something that they should have known was going to be worthless well before the maturity date of their treasuries.

I'm absolutely shocked that the government hasn't yet come out and issued lifetime bans that prevent SVB's C-Suite from ever working in the finance or banking industries again.

Can someone please remind me why banks and bankers have so much control over the economy when once every 2-3 years they remind us that they are unable to use their brains when it comes to doing the most basic elements of their jobs?