I think they made a really significant error during the crisis. I don't think that there was enough of a flush of bad activity and bad investing back then, and the point is when the banks and investment banks came to the Fed and wanted the Fed to bail them out, the taxpayers ended up bailing out the bankers. Goldman Sachs exists today because they were made a bank holding company and so does Morgan Stanley. Back then, I don't think they would've made it if not for the Fed stepping in.
~ Kyle Bass, Wall Street Week interview, 6:29 mark, posted January 3, 2016