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.
I don't believe Patrick ever explicitly stated that these funds were vulnerable to any risks from the depositors perspective. In most countries any ambiguities in contracts favor the person who did not write the contract, I.E. depositors. He would have needed to explicitly state that these funds were vulnerable and he did not.