It's interesting that modern markets still have these built-in breaks (weekends) that work as emergency stops. Now everyone can wonder over the weekend whether this will spread to other banks and become another global crisis, or if this is just one poorly managed bank that made risky bets.

In either case, does anyone really think the taxpayer won't be on the hook for these risky bets? Privatise the gains, socialise the losses. The banks have too much power for this to play out any other way. Nothing fundamental has changed in a decade.