$$The prolonged systemic crisis in international finance markets commencing in $2007$ was also a crisis in corporate governance and regulation. The apparent ascendancy of Anglo$-$American markets and governance institutions was profoundly questioned by the scale and contagion of the global financial crisis.$$

How did the corporate governance failings in financial institutions identified by Clarke $(2010)$ contribute to the financial crisis of $2007?$

Fully explain your answer.