Thursday, September 3, 2009

Lehman downfall triggered by mix-up between London and Washington

http://www.guardian.co.uk/business/2009/sep/03/lehman-collapse-us-uk-blame



The UK tripartite authorities were concerned about the financial system in the spring of 2007 and asked their American counterparts to participate in a "war game" to prepare for the collapse of a major US bank and develop a response to a financial crisis. However, the war game, which was to have included the UK, Switzerland, the Netherlands and the US, never took place because of a lack of willingness to participate by the US regulatory bodies