By the way, this was the same type of missed risk that resulted in the mortgage collapse. People who thought they were "diversified" didn't realize that a significant fraction of their assets were vulnerable to a drastic drop in the housing market because they were all ultimately tied to residential mortgages.
I'm glad you think it's the same. There have been hundreds of bank failures since 2008 in the USA due to correlated loans that went bad (mortgages). The FDIC guaranteed bank deposits. This guarantee was honored, regardless of whether the bad loans were correlated or not. Patrick also guaranteed his deposits.
http://www.fdic.gov/bank/individual/failed/banklist.html