In that event, bankers were seen to make the kinds of basic mistakes that have been oft repeated at other times and in other places. For example, loans were made to government-supported enterprises, either at the behest of the government itself or under the assumption that official support would be provided if the loans turned bad.
At times, these loans were made to highly leveraged companies whose underlying financial ratios did not justify the origination of the loans on the terms under which they were made. To add insult to injury, the offending banks sometimes borrowed in dollars and lent in their home currencies, without hedging, believing that their government could and would continue to stabilize exchange rates.