Would it be unfair to suggest a certain naivety? Since BCCI, and probably before then, the saying "if it looks too good to be true . . ." has marked a common-sense approach to money. Putting it simply, charities should steward the money in their trust, not try to profit from it. What has happened here could happen to anyone. Some charities (Cat Protection League and another 29) had gambled, looking for the most profitable place in which to deposit donors' money. The gamble didn't pay off. Many of us are suffering because of this credit crunch, and because of the view in public sector that cuts will come and they had better remove people from jobs before it does. There is less money to go around, especially from government which is about to get a big unemployment bill and additional services bill. It would be a great confidence boost to dig charities out of a hole, but it was this "no pain" culture that got us into the banking crisis, and charities should see themselves as of higher probity than that.