Still, the crisis made it painfully clear that the world's banking system needed new international rules to impose lending discipline and guard against any temptation to migrate to the weakest regulatory regime.

ECONOMIST: Finance

These attempt to manage the risk of the banking system through the superior guidance of complex rules based on black box mathematical algorithms.

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The Monetary Authority's Yam revised interbank trading rules to boost liquidity in the banking system, making it harder to manipulate local-dollar interest rates.

CNN: FIGHTING 'GODZILLAS'

With new capital rules looming, and China's banking system grappling with slowing profit growth and the potential for more bad loans, the ICBC sale appeared inevitable, they said.

WSJ: Goldman Sachs Selling ICBC Stake

Instead, it is drawing up new rules that would allow it to intervene in its banking system and close down troubled banks, which is raising questions since the whole purpose of the bailout of its banks was so they could continue to operate.

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First, so that the whole of the worldwide banking system serves our prosperity rather than risks it, let us agree rules and standards for accountability, transparency, and reward that will mean an end to the excesses and will apply to every bank, everywhere, and all the time.

BBC: In full: Brown's speech to Congress

Without Glass-Steagall quarantining traditional banking, the government incentives and rules were expanded and spread to the entire financial system.

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