Remember how the immaculately organized and professional appearing Wall St. firms did the exact same shit back in 2008? The only difference is really that they had the political clout to get a government bailout.
There's a lot that went wrong in 2008, but none of it looked anything like this.
edit: And a ton of others, like every major investment bank (who also used customer funds as collateral for prop bets) except that the government bailed them out.