President Obama has often denounced “fat-cat bankers” for their role in the 2008 financial collapse, the subsequent bailouts and the recession. His strong words on the topic suggest that he would have little sympathy, say, the former chairman of her family’s bank, whose collapse caused 1,400 depositors to lose millions at the time. You’d expect him to have even less sympathy if said bank had collapsed because it had adopted an aggressive subprime lending strategy; if it had tried to sell itself and its subprime packages to low-income borrowers as their only hope of getting loans; if it had fixed...