Actually none of those companies regulated themselves. The federal government took on the role. Regulation has caused part of this crises via procyclical mark

Actually none of those companies regulated themselves. The federal government took on the role. Regulation has caused part of this crises via procyclical mark to market and capital requirements. Regulation also stipulated what kind of assets banks should have creating an enormous market in the deliberate obfuscation of risk. What is your suggestion? Just because you create regulation doesn't cause people to want to follow it. Nor do the affects end with or necessarily include the stated goal.