Dubious practices were found in key junctures of the financial systems, such as credit ratings and interbank reference rates, not to mention the allegations of financial institutions’ involvement in activities related to money laundering and other fraudulent practices.
Most importantly, the crisis has shown that market participants were not capable of mastering the inherent complexity of the system that they themselves had contributed to  1  A. Sen, Money and value: on the ethics and economics of finance, Paolo Baffi Lecture on Money and Finance, Rome, Bank of Italy, 1991, p. 28.