“There are a lot of lessons to be learnt by regulators, governments, all of us,” [Darling] says.
“The key thing that went wrong was that a culture was allowed to develop over the last 15 years or so where the relationship between what people did and what they got went way out of alignment, especially at the top end.
“If there is a fault, it is our collective responsibility. All of us have to have the humility to accept that over the last few years, things got out of alignment.”
He says: “There are some very hard questions to be asked about the regulatory model we have operated for the last few years.
“The model of us saying to them [the banks] ‘you say it’s OK to us and we’ll go along with it’ has failed. You should regulate according to risk ... financial services have to be properly run and supervised.”
Given that Ed Balls has also admitted some government responsibility for regulatory failures, it seems that Darling's words are 'on message'. So you've got to wonder: why now? Could we be seeing some "humility" from Brown in his Big Stateside Speech? Watch this space.