is it turning?, page-36

Well I'm sure you know more than me but I don't recollect any Australian bank collapsing during the GFC. Like now values went down post GFC which was when I came into market as a longer and thought 'boy this is easy'. And like they were a year ago banks were no doubt prior GFC overvalued. But they survived and went on to prosper again.
Whilst reports about CommInsure and other unethical actions don't make our banks look good - as I say and will say again we are very well regulated. I have no doubt there are a bunch of mortgage brokers out there fudging numbers for loan applications but there is no way in hell our banks would get into a subprime situation as the US did. Which is why when it unravelled we were 'relatively' unscathed.
What DOES worry me is a
1. A rogue trader bringing bank down after a particularly boozy Friday lunch. But then it only takes one person like a cfo or bookkeeper with access to trust funds, cash flows, cheque books (remember those?) and a gambling problem or psychopathic personality or penchant for east Australian pearls to embezzle funds and bring ANY organisation to its knees. OR
2. the regulators doing their job properly