Having listened to a number of Building Society bosses over the past few months extol the virtues of their business ideology the answer is a resounding YES.
Every last one of them, from top to bottom, is bluffing it. They all got took completely unawares. Else they would have sold their entire equity portfolio in the Summer immediately before the crash.
Mildly amusing to see, for example, the columnists in the Evening Standard being ever-so-wise after the event, and even nibbling at the hand that until recently fed them.
As someone who once spoke with a brummie accent ... the mystery to me is how Joseph Chamberlain's highly successful and totally solid Birmingham Municipal Bank somehow got stolen, turned into Lloyds TSB and is about to climb into bed with the disaster that is HBOS.