I understood Patrick's guarantee to mean that my funds were guaranteed regardless of whether any or all loans went bad, correlated or uncorrelated. Any other kind of guarantee isn't a guarantee, it's pointless.
I don't believe you. If you have any evidence to suggest that you understood that there was a real risk that the loans were correlated, and that this risk was allocated to Patrick, please present it. All the evidence I have suggests that people either never considered that risk or rejected it as implausible. If you have any evidence that might change my mind, I'd be glad to take a look at it.