Germany was highlighted to support my theme of OVER regulation as a cause of the crises as opposed to just UNDER regulation, if I remember an article of Economist magazine correctly. They said the Landesbanks (a special kind of German bank) profits and thus survival were in a death grip from over conservative regulations well before the crisis. They went to AIG out of desperation to survive supposedly, whereas the other banks went to them out of greed.
Well I thank you for being supportive in general, but I should admit I pushed the theme a bit far and folks are probably being too polite to point out a few holes in it. Interesting to consider the less reported angles anyway.
It seems far-fetched to blame regulation or government intervention, especially as the United States government hardly "forced" poor poor Beyond Petroleum to drill out there. Rather, they lobbied quite intensely to make it a reality. If the US government had refused, you as well as other critics of regulation would instead have complained about them preventing growth, meaning that the government no matter what it does is the bad guy.
In this case, the responsibility rests on the shoulder of BP. There's this 150 000 $ switch which could have prevented the leak after the explosion on the oil rig. It was too expensive for BP so they ignored acquiring such switches for their rigs.
No matter where you stand ideologically or what solutions you advocate to solve a problem, no one is better off by just blaming everything on the government for ideological reasons and to uphold this false dichotomy between government and corporations. The governments exist in order to enable corporations to increase their profit margins - primarily, as well as to ensure that there is a system which could educate the workforce of the corporations so they have a sufficient pool for manpower.