Why is this more than just a very big business failure? Because the US markets, and the array of institutions that constitute them, are supposed to be a model. When the Asian crisis hit, crony capitalism took much of the blame. The definition of sound policies was broadened to include a call for countries to put into place strong market infrastructure, including more rigorous accounting standards, better regulation, stricter disclosure and stronger corporate governance. As the international community struggled to define this new consensus, it was often to US examples that it turned, albeit grudgingly. And where there were big differences, those of us representing the US were typically reluctant to cede the case. This is harder to justify now.