The worldwide panic brought on by the Lehman failure led directly to the decision two days later to provide massive aid to AIG, making it seem that "too big to fail" was alive and well.
I want to point out though that we need to reflect on the lessons of the crisis seriously before reforming our regulatory structures. Fifth challenge: fiscal policy, financial stability and central bank independence The emerging regulatory architecture geared, among other things, to preserving financial stability will have implication for the prized independence of central banks.