Mr. Willis is defending a corrupt and unsound business.  When the U.S. housing collapse was in its early days, we heard the same stuff:  "This is not a solvency issue, these banks or MBS brokers are fine - this is just a little liquidity hiccup."  The same with asset-backed paper in  Canada.  The only reason depositors were kept whole in the States was a government bailout - and that goes for many MBS holders.  Tax dollars bailed out ABCP investors here, too.  In all cases, losses should have been allowed to land on the heads of those who invested in such shaky loans.  This whole industry us rife with fraud - has Mr. Willis not read any of his own papers' coverage re all the investors who have lost a lot of money in this area??  To a lot of companies that sure look like Ponzi games and related-party scams?  (Get the money, buy overpriced land from your uncle, overpay management, run supplier kickback schemes, etc, then sadly close up shop, announcing it "just didn't work.")  Har har