Will the Credit Crunch Change Anything?

As I sit here musing the afternoon away I wonder if the credit crunch will actually change anything? Ten US financial institutions have been released from TARP to ply their risk taking trade. Regulation on pay in relation to risk remains a topic of debate not law. Nomura is changing its Japanese pay structures to conform with Western modes. Investment bankers continue to play at “Masters of the Universe”. Regulators talk the talk but do enough of their staff have the expertise to actually walk and practise it.

Maybe the last 18 months did not happen.

Am I in a trance?