A high profile bank in some tech circles, a bank with an abnormal balance sheet that actively resisted scrutiny and that did not have high systemic exposure, went bust.

Clearly, a banking crisis.

Alternatively, the market did what it should do and a shoddy player was exposed.

That outsized financial risk undertaken by its depositors, depositors with advisors that had ample means to mitigate putting-all-eggs-into-one-bank-risk, was subsidised out, perhaps should be more in focus as a cause of financial system risk.