The Obama administration has taken great pains to blame Wall Street for the woes of the financial system. Representative Barney Frank and Senator Chris Dodd have held numerous hearings, pointing fingers at greedy capitalists and unchecked, unregulated risk-taking. What they should be doing is pointing their fingers at the American financial regulatory system that the committees oversee. The rules of the game need to be changed so that the playing field is actually competitive. Structures need to be altered, and regulations written, so actual risk is being assumed or transferred when money is invested. Goldman now makes millions of dollars...