The problem is that DBRS is the only agency that evaluates these products. And their rating was quite positive. In the context of my bank's activities, I never use that as an excuse. We have more people analyzing risk than DBRS and all the other corporations combined. I think the same is true for the others. In fact, the risk was unknown. In the case of non-bank asset-backed commercial paper, these were packages of car loans, mortgages and so on, but we never really knew what there was in that box. In my opinion, when you don't know the content of a box, you don't touch it.
