Unfortunately, the very institution that had the regulatory authority to supervise the banking system was the one leading the cheerleading - namely, the Fed, in the form of Alan Greenspan.

BBC: Credit crunch: The blame game

Collusion, whether or not oiled by fancy meals and wads of cash, between bank inspectors and the banks they supposedly supervise has been a big reason why the rot in Japan's financial system has continued to spread since it first became apparent in the early 1990s.

ECONOMIST: In Japan, he went

"Under the new vetting and barring system, there will be requirements on employers to check all those who frequently teach, care for or supervise children - including all those in madrasas, " said the spokesman.

BBC: NEWS | UK | Warning on Muslim schools 'abuse'