Like it or not, Wall Street gets up to some crazy stuff that affects us all (subpime loans, derivatives). More regulation is indeed warranted. If it was just themselves they were harming, I wouldn’t care.
They’ve had years to regulate, and they’ve failed. Why do you think the regulators will succeed this time ?
The only thing that can fix this is to let the ones with bad judgment fail, take the pain, and rebuild without the lies.