BP’s Mess, and Wall Street’s - What do they have in common?

What does BP and Wall Street have in common?

It is the ability to take on too much risk without consequences.

I do not think more government regulation solves the problem. However, if there was the personal liability or risk then managers would make different decisions. Wall Street investment banks were around for decades, through very difficult time when they were organized as a partnership. However, when they converted to a corporation, then these formerly successful banks' management took on hugh additional risks in order to reward themselves.

BP’s Mess, and Wall Street’s - Opinionator Blog - NYTimes.com