Any investors that are still exposed to MENA assets should selectively disengage, although not make a complete exit.

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This left them exposed to the very subprime assets they were meant to avoid.

ECONOMIST: Fannie Mae and Freddie Mac

That visionary insight led him to famously mandate that all IT assets were to be exposed as APIs.

FORBES: Welcome To The API Economy

Citi remains heavily exposed to housing drag with toxic assets souring the balance sheet, and there still could be substantive blowback for big banks holding bad European government debt.

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Known as conduits, these special-purpose vehicles borrow in the short-term, commercial-paper market to make acquisitions of highly rated paper in American asset-backed securities, and have been walloped by the plunging value of those assets since the frailty of subprime loans were exposed.

ECONOMIST: Fears in the credit markets

"As long as banks continue to hold problem assets and these assets have no insurance or other protection for maximum loss, banks remain exposed, " said Michael Mayo, an analyst at Deutsche Bank.

FORBES: Magazine Article