It has been the most turbulent week in financial markets since the 1930s, vertiginous drops, the real possibility of a systemic collapse and, finally, on Friday, after a concerted government intervention, a spectacular rally. Many bodies lie strewn by the side of the road just travelled.

AIG was rescued by the Feds with an $85bn loan. Lehman filed for bankruptcy and was then dismembered by the UK’s BarCap, the scalpel deftly wielded by Bob Diamond. Lex thought he had pulled off a terrific coup, stealing the 158 year old franchise out of administration, saving thousands of jobs and generating goodwill for himself and his bank on Wall Street in the process.