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Gieve astounded by US inaction

The former deputy governor of the Bank of England said he was "astounded" the US government let Lehman Brothers go under, and that the bank's collapse marked a clear moment when people lost confidence in the markets.<br />Sir John Gieve said in an interview with Sky News yesterday he had fully expected US authorities to step in this time last year to rescue the stricken investment bank, as it had done earlier with peer Bear Stearns.