The report on HSBC is the latest of several scandals that have recently rocked global banks and highlighted the inability of regulators to catch what is claimed to be widespread wrongdoing in the financial industry.
Until it fell on hard times, the emirate rarely distinguished between $26 billion of sovereign debt and the much riskier $50 billion or so owed by government-related entities, including Dubai World, whose repayment difficulties rocked global markets.
In a separate chapter of the GFSR, the IMF gives a cleaner bill of health to the global banking sector, which it says is tending to become more local, reducing the risks of cross-border shocks of the kind that rocked global financial markets in 2007 and 2008.
And this spring when the earthquake, tsunami and nuclear crisis in Japan rocked global stock markets, and insurance companies tumbled on early estimates of billions in losses, Mr. Sass again went shopping, this time picking up shares of the insurance company MetLife.
"Volatility has rocked global equities market this week," Rudd, resplendent in a bright red tie, said in his introduction to Zhu. "Many reasons have been given, including the snail's pace of the economic recovery we've seen in Europe, now seven years after the global financial crisis began".
For all the worries about Greece and the eurozone, in the end concerns about the volatility of Chinese markets rocked global sentiment most during 2015, after the Shanghai composite index started falling dramatically, first in June, and then later in August.
Since April, tumult in the credit and housing market has rocked global markets and decimated investor appetite for risky and not-so-risky investments.
The disasters also rocked global insurers.
The revelations have rocked global power centers in politics, the arts and business.
