> Over exposed to US treasuries? I don't think anyone has put those words together before. Only if your definition of risk is limited to default risk. It look

> Over exposed to US treasuries? I don't think anyone has put those words together before. Only if your definition of risk is limited to default risk. It looks like a lot of their holdings were in MBS and a lot of the treasuries were recently sold at losses (which necessitated raising capital, which appears to have set this whole thing off), but there is no reason this couldn't have happened if they only held treasuries anyway.