We know that Canada's banks don't have the same bad assets--toxic assets--as the American banks. Mr. Drummond made a good description of that. We have nothing close to it. Yet your description of asset-backed commercial paper.... Having practised commercial law for a long time, I'm always amused by the fact that you can draft reams of documents like this and charge your appropriate hourly rate and nobody's actually going to read the darn things. I have a feeling there was a little bit of that going on with ABCPs. As you said, it was bundled, but nobody was actually saying, “Well, what's this?”
I spoke with Stephen Jarislowsky about that and I asked him if he had invested in ABCPs. He wasn't being falsely modest, just being himself, and he said, “No, I didn't touch them. I didn't understand them.”
So how come all the smart people in the banks bought them?