I am incredibly upset by the announcement from NAB last week of an additional writedown of $830M only 2 months after taking a writedown of $181M against a portfolio of US collatorised debt obligations (CDOs). This has resulted in a drop in share price of around 17% since the announcement. This announcement follows from a statement from the CEO that they had no further major exposure to the US market. Similar statements by a corporate leader in the US would result in a class action for losses by investors and the charging and most likely incarceration of senior executives. This week the ANZ announced a provision of $1200M against bad corporate loans. This will equate to about 25% of this year's profit and comes on top of the Opes Prime and Primebroker/Chimaera fiascos along with a $680M hit from Centro. All the promises of being careful corporate governers with risk management practises account for very little in the Australian banking world it seems. From dodgy future trades, overseas exposure to instruments worth about 5c in the dollar, failed investments in overseas banks, to unannounced bad debts it looks like a very, very bumpy ride for investors and also those with loans as these organisations try to claw back profits. For me all credibility is shot. The statements of fiscal responsibility aren't worth anything. The legal fraternity can look forward to massive payments.