What the Hell Is Going On?

$5 trillion of US treasuries got purchased by the banking sector right before the big increase in interest rates that started a year ago. What I don't understand and I'm staggered by is how the bank regulators missed this. They just looked the other way and assumed that the world wouldn't figure out that there's a solvency hole in the banking system, especially at the community and regional banks. That has exploded into the consciousness right now because of social media information. You can't hide something like that anymore. Everyone is now understanding it.