Are Anglo Saxon banks to blame for the crisis?

Forget lambasting young men or anyone in a suit, the latest scapegoat for the financial crisis appears to be the humble Anglo Saxon.

First President Lula pointed the finger at white people with blue eyes, now President Sarkozy appears to be blaming Anglo Saxons for the current situation and threatening to stomp out of the G20 unless his demands are met.

Fundamentally, Anglo Saxon capitalism refers to a system in which the government plays a limited role in the economy, taxes are comparatively low, and the welfare state is comparatively small. With 'Anglo-Saxonism' related to Protestantism, Anglo Saxon systems also have a strong work ethic.

In turn, Anglo Saxon banks are typically those originating in countries pursuing Anglo Saxon economic policies. The US investment banks are the clearest examples, although European institutions such as UBS, Deutsche, and Credit Suisse are run along Anglo Saxon lines.

Could the crisis have been avoided if only all banks were a little more like SocGen and BNP?