This should give a big warning :
Leaving aside the dodgy nature of the vehicles, the assets themselves were all rated AAA, which technically means a one in 10,000 chance of default.
Stewart, Chaney and the NAB risk committee have now assessed the prospect of loss at 90 per cent, that is a 9,000 in 10,000 chance of default. In other words, the securities have turned out to be far worse than junk.
Imagine like 1000 from them work in a company, which closes down and get all sucked.
Thats shows in reality, how risky this AAA rating is.
nab interesting article in business specatator, page-2
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