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A good crisis gone to waste

The turmoil following the collapse of Lehman Brothers three years ago was an opportunity to reform the world’s financial system. It was missed...

By John Kay   September 2011

Asset stripped: after its catastrophic collapse, Lehmans was sold off; its business units were bought by other banks. Mementos were popular

“You never want a serious crisis to go to waste,” Rahm Emanuel, then chief of staff to President-elect Obama, said in November 2008, describing the opportunities for reform presented by the financial meltdown. The day of believing in the unchecked rule of markets was over. Since the convulsions triggered by the collapse of Lehman Brothers on 15th September that year, everything had changed, we were told.

But three years later, very little has changed. Not only are investment banks…

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