No one had heard of derivatives outside the financial markets at that stage. I do recall reading some literature about the lead-up to 2008—there was a meeting in Davos, Switzerland, where one of the leading regulators in the world stood up and some of the biggest, greatest financial brains and investors were at that meeting. He explained derivatives to the crowd, and, at the end of it, he asked: "How many of you really have any idea what I've just said?", and there were very few hands that went up. Yet there was hardly a financial institution, especially the major banks in the United States, that didn't have extreme exposure to those derivatives. What they were was a gathering up of very poor quality loans, mortgages into multimillion-dollar packages—the theory being that the good ones would offset the bad ones if anything went wrong. The problem being: they were all bad ones. These whole derivative packages would be made up of loans that had been made to what were called NINJAs—no income, no job, and no prospects. Bringing that forward then, what it did is it made us all understand just how vulnerable we all were to this. 