I would say the biggest single cause was we had an incredible residential real estate bubble.
We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored.
Only when the tide goes out do you discover who's been swimming naked.
People do, as long as you have markets, you'll have excesses.
I wouldn’t mind going to jail if I had three cellmates who played bridge
House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.