Guess what, don't pretend, "nobody told me...!"

Sovereign debt risk is just one in a list of risks that we believe the market is under appreciating as bank stocks soar to 52-week highs.
Among the other risks are soaring home foreclosures, the potential for further housing price declines, potentially onerous new financial regulations, shrinking balance sheets, and liberal accounting rules.
Moreover, given the complexity of current global financial conditions and the nearly 80% increase from the March lows, we remain defensively positioned in our client portfolios.