When Genius Failed: The Rise and Fall of LTCM

Recently I finished reading this book about LTCM and I was very fascinated by how power and greed distracted these geniuses at LTCM and the folks from the banks from appropriate risk management. I guess there is FOMO. No one wants to miss out on making big bucks that everybody else is making. 

Although the loss at Archegos is nowhere near as much as LTCM, the coordination and cooperation among the banks there were pitiful. To be fair, the bank cooperation for bailing out LTCM almost fell apart a few times, too. With the pandemic raging this past year, the international cooperation among countries was also terrible. Are we all just becoming more nationalistic, protectionist, self-centered and selfish? Is that the global trend?