The easing of regulations, which permitted financial institutions to become the behemoths they did, is partially responsible for this mess. But I say "partially" because that is only one part of the problem. The other part is the lack of personal accountability on Wall Street.
Coming this fall, as President Obama makes his final push for a second term, his Justice Department will finally give the public what it wants in the form of an arrest of a major Wall Street figure for his role in the financial crisis.
Wall Street has long forgotten how to spell "ethical" or "good," and replaced it with "compliant" and "legal."
The time has come to explain to investment banks what their responsibility and accountability are.
In 1890, J.P. Morgan pulled in close to 20 times what his employees did annually. Today, CEOs earn more in three hours than minimum wage workers do in a year. This imbalance is both irresponsible and irrational.
Does more regulation stop human urges like the excess at Lehman Brothers? You can try, as D.C. is trying now. But in the end, the only person who can stop ambition turning into something insidious is you.