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Another reason may be less diligence: short-sellers, who often act like detectives sniffing out problems at companies, are banned in China.
As the bank later admitted, it did three to five times less diligence on the HBOS takeover than would normally be the case.
Flanagan says it would have gnawed away at him if a writer of less diligence and care had put pen to paper and produced something inferior.
Often the founder embarks on the new plan with less diligence, insight and passion for the problem than their original business.
Bill Gurley penned one of the best pieces I've read on the subject recently; to raise late-stage rounds, startups go through far less diligence and scrutiny than they would if they decide to go public.
Just as the celebrity of Scholes and Merton caused investors and trading partners to exercise less diligence, Mullins' addition as a "marquee" name added gravitas to the firm.
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It came barely 48 hours after Daniels had told the Treasury select committee of MPs that Lloyds had done between three and five times less due diligence on HBOS than it would usually have done.
Daniels told the Commons Treasury select committee last month that the bank had done three to five times less due diligence on the HBOS takeover than would normally be the case.
The chairman's position was made more difficult when Daniels told the Treasury select committee that the bank had carried out less due diligence on HBOS than it might have preferred because of the speed with which the deal had to be brokered.
Tragedies, that like bombings and shootings, we cannot always prevent, but we can make less frequent through diligence and solidarity.
Will we have more cultured diligence and less intelligence?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com