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Lack of Regulation

The unwillingness of so many of the executives who've been trotted up to Capitol Hill to at least take some responsibility for doing things that contributed to the erosion of our financial system is truly mind boggling.

The four, Goldman Sachs , gentlemen on the current panel refused to even acknowledge they did some things in their work that they regret, thereby adding their names to the long line of executives who saw themselves as merely cogs in a long line of structures who had no responsibility to the larger market.

Of course had Goldman raised its hand and said it would not play in the synthetic CDO market, its place would have been quickly assumed by another firm more than happy to reap the fees it was giving up.

It's naïve to believe Wall Street will voluntarily undertake actions that are in the best interests of the country raising the point yet again that it was the lack of regulation that contributed to the bad actions in this and other markets.

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Questions? Comments? Write to faberreport@cnbc.com.

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