Professor Gregory Connor:

That is clear. Anecdotally, one hears this repeated in conversations with bankers. They knew they were growing too fast. They say they knew their property development concentration was too high and that they were growing their liability side too fast but they were being pulled by their shareholders and managers to not let their market share continue to fall. One of the painful but necessary outcomes was that the cash value of all these shares went to zero. That was important and had to be done because shareholders shared some blame.