He pledged to reform "a weak and outdated" regulatory system to protect consumers and investors from the "reckless greed and risk-taking" that should "never endanger our prosperity again".
The AIG mess, then, is the result of denial about the level of risk, arrogance that the triple A credit rating is an absolute safety belt, greed about compensation that leads to reckless behavior and overall, a level of irrationality that approached insanity.