Professor Patrick Honohan:

I am sure it was noted but it was not seen as much of a problem as it should have been because the risk analysis was shallow. Do they have a good risk committee? Do they have the proper approval mechanisms? Does the board approve these loans? Instead of saying, "Let's stand bank and look at this. Are the collaterals okay? Do they really have those collaterals? What happens if they all fall in value by 30% of 40%, which is what many people were saying all the way through the mid-2000s-----