It raises a good point that we cannot (and should not) prosecute people for the consequence of bad but legal business decision.

However that also means that "self-regulation" is a get out of jail free card. Which I sort of understand, you would not want to cripple a growing sector with unnecessary constraint, I understand _once_ ( and you may argue, that it was not the first time for the Banking sector to keep only greed as regulation)

So it is fine that nobody went to jail. But we should also acknowledge that this self-regulation has failed in a spectacular fashion. So spectacular that it has had no impact in the life of most bankers, except a delayed bonus for a year. And nothing has been done to change that in the last 5 years.

To put that in perspective it took a decade for the start-up sector to recover from the .Net bubble. A lot of developer from those time have lost money, and struggled to recover their past salary level. The days of setting your own rules in a company just because you are a developer are also gone.

Here is the City of London, nothing has changed for bankers.

Edit: should -> should not