Mr. Roseman worried the trade might get bigger and even endanger MF Global if the financial turbulence in Europe got too rough.

WSJ: Corzine Rebuffed Internal Warnings on Risks at MF Global

" From the region's financial turbulence he drew one lesson: "Countries cannot compete for the blessings of global capital markets and refuse their disciplines.

CNN: A QUESTION OF OPENNESS

The catalyst for most recent bank shake-ups has been this year's turbulence in financial markets, which saddled many with losses.

ECONOMIST: The doomed and the dangerous

The causes of 1990-91 and 2007-09 were similar: Real estate collapse, stock market turbulence, financial engineering turkeys come home to roost, loan failures, taxes going up, a Middle Eastern war, a spike in oil prices and everybody de-leveraging at once.

FORBES: Great Recession Did Not Have To Be Great

Turbulence in the financial markets over the past year has exposed many longstanding weaknesses that escaped scrutiny during the long bull market.

FORBES: The Shape of Things to Come (December 1, 2001)

Our fiscal policy, like our monetary policy, is designed to support stability in these uncertain economic times generated by the turbulence in world financial markets and global commodity price inflation.

BBC: Full statement: Tax changes

Cabinet ministers such as Alan Johnson and Harriet Harman rallied round Mr Brown on Tuesday and urged unity in the party, saying voters expected them to focus on important issues like turbulence in the financial markets.

BBC: Minister quits in Brown protest

For several months, our financial markets have gone through periods of turbulence, followed by periods of improvement.

FORBES: Treasury Under Secretary Robert K. Steel's Remarks On Bear Deal

The dark: the current turbulence in the world's financial markets is both "serious" and "persisting".

FORBES: Paulson Finds Light And Dark At G7

Meanwhile, UK banking shares tumbled on Friday as fears that more financial institutions would look for government cash caused fresh turbulence in the sector.

BBC: New chairman to take over at RBS