I want to know the answer to the following question:
What caused BPN and BPP to accumulate losses?
All the background I'm provided with is that "After the financial crisis of 2007–08, it was known in 2008–2009 that two Portuguese banks (Banco Português de Negócios (BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud.". Is that enough to answer the question?
Answer: yes