This event is predicted in Sydney Dekker’s book “Drift into Failure”, which basically postulates that in order to prevent local failure we setup failure prevention systems that increase the complexity beyond our ability to handle, and introduce systemic failures that are global. It’s a sobering book to read if you ever thought we could make systems fault tolerant.
Also a major point in the Black Swan. In the Black Swan, Taleb describes that it is better for banks to fail more often than for them to be protected from any adversity. Eventually they will become "too big to fail". If something is too big to fail, you are fragile to a catastrophic failure.