It means what it means - FAIL.
Dubya's little quid pro quo deal with the Godfather of subprime / Ambassador to the Netherlands transpired on Wray's watch. Not a single criminal case has been brought against the Arnall's or anybody else involved in the massive fraud perpetrated by their "Revolutionary" lending organization.
Furthermore, the "Revolutionary" IT utilized by Argent Mortgage / Ameriquest to originate and securitize all that A$$paper was festooned with former ENRON enablers.
Wray's resume doesn't seem to indicate he's anything more than another appointee riding the good'ol tailcoats of the Bush Banana Republic.
Big surprise....
...Not.