Unfortunately most managers treat IT as they would the water supply or the paper towels in the toilets, something to be cut as much as possible to increase the bottom line, thus ensuring their bonus. In most cases IT is the business, banks being a prime example, they're all just IT companies that move money around now. Because they don't understand IT they don't see it as important, and until they do things like this will continue to happen. Witness the rush to cloud computing - which is just your data on someone else's computer, and when it dies you're stuffed.
But hey, they still all get their golden parachutes and then move on to the next victim.