> Banks haven't proven too skilled in estimating risk (see 2007).
Arguably, they demonstrated that you can accept a lot of risk and then if things go wrong the Fed will bail you and your creditors out. Not _quite_ the same thing as simply underestimating risk.
Net it all out and hopefully we get a Darwinian marketplace for lenders, lenders who don't need acres of employees preparing powerpoints for each other in class A office space.
Of course, the true measure of estimating risk is hidden until a crisis occurs. Interesting to see where it all ends up.