Some wounds go on hurting for years after they were inflicted. For bank regulators, the trauma of the collapse little more than five years ago of Lehman Brothers is as raw as if it had just happened. Lehman had spanned the world, and was run as a single entity largely overseen in America. Its disintegration caused rancour almost everywhere. Britain complained that it had been allowed to snatch $5 billion in cash from its London operation just days before the bankruptcy. Germany fumed that the Bundesbank had been saddled with defaults on about €8 billion-worth ($n billion) of loans the central bank had made to Lehman's German subsidiary.
展开▼
