A big reason I deposited with Patrick is because he is assuming the risk of loans going bad. If I knew that his guaranteed deposits really meant "guaranteed unless loans go bad", then I never would have deposited with Patrick.  If I wanted to assume the risk of loss (and thus potentially higher profit), I could have made loans to other people myself.

You're saying I couldn't have foreseen the possibility of Patrick's loans going bad, and thus Patrick shouldn't have to pay me back. That's false. I did expect there was a possibility Patrick's loans could go bad. That's the whole point of depositing with Patrick: he guarantees his deposits against that scenario.