In as much as i do not want to engage in the overanalysis of the unfolding drama of NBR 2.0 I believe this excerpt from How The Mighty Fall by Jim Collins (2009), the author of Good to Great shows us a great deal the state in which the five banks were before the CBN intervention. They were in stage 3 of the Jim Collins model on how great companies fail.
“Denial of risk and peril – as companies move into stage 3, internal warning signs begin to mount, yet external results remain strong enough to “explain away” disturbing data or to suggest difficulties are “temporary or not that bad and nothing fundamentally is wrong. In Stage 3 leaders discount negative data, amplify positive data, and put a positive spin on ambiguous data...when those in power begin to imperil the enterprise by taking out-sized risks and acting in a way that denies the consequences of those risks, they are headed straight for…” failure!
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