Pardon the sarcasm Investors would never be fooled into purchasing garbage debt made to look great. And banks would never risk it for the biscuit since the gov

Pardon the sarcasm Investors would never be fooled into purchasing garbage debt made to look great. And banks would never risk it for the biscuit since the government would never bail them out. Another way to look at the incentive structure is that they could be driven by volume and not caliber. It depends on how well investors are able to vet the ISAs and if the ones purchasing them are the ones left holding the bag when it goes up in smoke.