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He is responsible for Lehman taking large risks in mortgages and financing it with excessive borrowing.
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Rapid growth also concealed structural weaknesses such as inadequate bank regulation, a lack of transparency in business and endemic cronyism, which made a dangerous mixture with the excessive borrowing.
Private equity, with its penchant for excessive borrowing, can expect a decade or more of lousy returns as interest rates remain low and banks display a continued reluctance to lend, especially to debt-intoxicated venture capitalists.
But the origins of the euro disaster lay less with government profligacy than with excessive private borrowing.
There is also the risk of financial repercussions in those emerging markets with vulnerable currencies and where there has been excessive borrowing in dollars.
In a nutshell, the Fund's current resources of $150 billion seem like enough to cause moral-hazard problems (that is, to induce excessive borrowing) without being enough to deal with a really deep global financial crisis.
The country didn't indulge in excessive borrowing -- rather, it ended up with high deficits because it couldn't collect enough tax revenue to cover its expenses.
In this case, the medium-term outlook would indeed be bleak.Undeniably, Japan's structural defects (especially excessive borrowing by firms to invest in projects with low returns) have worsened its problems.
Corruption, arms spending and excessive borrowing against future oil production has left the country with one of the largest per-capita debts in the world.
The consequences of excessive borrowing and consumption, of the bursting of the credit bubble, have caught up with us.
Excessive borrowing and risk by households and Wall Street.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com