Six months ago, Tim Geithner, US Treasury secretary, promised “new rules of the game” for the financial system. Banks are still waiting, and the games continue.

Take Goldman Sachs. Having repaid government support, its share price is back to three-quarters of its record high. The bank produced a record second quarter, as it cleaned up in fixed income and equity trading. It has also raised $6bn in equity and now boasts an eye-catching tier one capital ratio of more than 16 per cent.