Too Late To Kill The Deal?

Megan McArdle, the world's tallest female econoblogger, seems a bit behind events. But who can keep up with this stuff? From what I can tell, she was about eight hours too early, but the discussion is worth considering.

I find it extraordinarily easy to sympathize with the bankers who genuinely believed that they had gotten better at pricing credit risk.  I also find it extraordinarily easy to sympathize with people who dropped out of college to start a band.  In neither case, however, do I wish to reward this behavior with large stacks of unearned money.