Lawyer to Wall Street Says Don't Blame Pay - WSJ.com

"It was understandable why there was anger," says Mr. Eckhaus, but "the crisis was not caused by Wall Street fat cats. It was caused by a confluence of economic, political and historical factors."

I do not think that history had anything to do with the problem. I think it was purely the fault of bad public policy that created an environment that misallocated resources and allowed and incentivized this to happen for decades.

Lawyer to Wall Street Says Don't Blame Pay - WSJ.com