In the heat of aggressive growth, there was no desire to maintain normal risk management. The main priority was growing faster than the competitors. The board didn’t seem to understand the risks of rapid growth, and the management apparently didn’t care, instead choosing to boast about the expansion. Things have never ended well for that kind of banking. There are numerous concrete examples of this, yet new ones keep emerging. They likely want to believe they are much smarter than everyone else and have invented a perpetual motion machine for faster and winning growth. The aftermath has always been ugly, just as it is now.
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