Mr. Con Horan:

I think the most obvious reason is that the scenarios that were developed were adverse. You know, the adverse scenarios that developed in no way reflected the events that occurred in 2008. And quite frankly, if you had put those scenarios out in 2006 nobody would believe them. I mean, we have to recall that this was the period that the economists had coined as the great moderation. This was a period of stable interest rates, stable inflation, stable banking that had been going on for a decade. What actually happened in 2008 was simply not on the radar screen. If you had tested for that, the scenario that occurred if you had tested for it, I suspect would have shown failures of the banks, but I just think the scenario was not contemplated.