"This is a systemic failure, that's what this comes down to, " Mr. Littleton said.
The same issues that create systemic failure and success with money on a global scale also impact us personally.
Given the small though not negligible risk of systemic failure and the opportunity to spare Asian economies much pain, it was right to intervene.
But he said there had been a "systemic failure" by the firm to ensure its chain of hotels in southern England had complied with regulations.
Rather, this was a systemic failure across agencies and across organizations.
Central banks want to be sure that any such bank can guard against any possibility of a systemic failure before they give it the nod.
Here, as John has indicated, we simply had a systemic failure.
Browne has a similar explanation for the Texas City explosion, saying the company erred by focusing on individual safety records instead of the possibility of systemic failure.
The event prompted questions about many things including my management style and whether the event was a sign of a systemic failure of control right across BP.
Now, at this stage in the review process it appears that this incident was not the fault of a single individual or organization, but rather a systemic failure across organizations and agencies.
But because he was willing to step into the spotlight, the withdrawal of Vioxx from the market looks like part of a systemic failure to properly weigh the risks and benefits of drugs.
In this closed ecosystem we have systemic failure.
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One argument often made is that these institutions had huge numbers of complicated claims, and that the bankruptcy of any one of them would have led to contagion and systemic failure, causing scores of further bankruptcies.
To hear Graham tell it, this is part of a systemic failure to address drug safety on the part of the FDA, a story that reaches back over the entirety of his 20-year career at the agency.
But what's also clear is this: When our government has information on a known extremist and that information is not shared and acted upon as it should have been, so that this extremist boards a plane with dangerous explosives that could cost nearly 300 lives, a systemic failure has occurred.
Mr Oudea rejects the idea of a systemic failure, arguing that the loss was a product of a particular time and place: a period of rapid growth in equity derivatives, which overstretched the bank's capacity to monitor itself, and a peripheral trading desk where people were less jumpy about the risk of fraud.
It identifies income inequality and unsustainable government debts as the two issues most likely to have an effect on the global community over the coming decade, and warns of a major systemic financial failure as the most devastating potential outcome.
Would their failure pose systemic risk to the whole economy?
If a company's failure poses systemic risk, the FDIC can place it in receivership and either sell it off to another company or place its viable bits in a bridge bank, which it can continue to operate, and the rest in a bad bank.
This experience has led me to believe that one of the best ways to protect the financial system against future systemic shocks, including the possible failure of a major counterparty, is by strengthening the financial infrastructure, including both the "hardware" and the "software" components.
In short, predicting the true sources of systemic risk in advance of their actual failure is probably impossible.
Treasury Secretary Hank Paulson defended the move, saying Wachovia's failure would have posed a systemic risk, and that its sale prevented a "market disruption, " adding that the FDIC's action helped mitigate this risk, according to TradeTheNews.com.
However, in the rare circumstances in which the impending or actual failure of an institution imposes substantial systemic risks, the standard procedures for resolving institutions may be inadequate.
Mr Dalziel said it was clear there was an absence of even reasonably-safe working conditions, widespread organisational failure and that it was "systemic" and "deep seated" within the service.
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"Systemic risk" (the risk that the failure of one financial institution could cause other interconnected institutions to fail and harm the economy as a whole).
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We hear from former trading vice-president of Lehman's, Larry McDonald, who has written an insider's view of the systemic problems within the bank in his literary apologia "A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers".
The failure in mid-September of Lehman Brothers showed that the main systemic risk posed by CDSs came not from widespread losses on underlying debts but from the demise of a big dealer.
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