Todays WSJ reports that Dick Fuld gave his first public speech since the demise of Lehman. Fuld's comments reported by the WSJ are correct that government incompetence (Fed) and corruption (Dodd, Frank and Fanny) were major causes of the GFC. But the Fuld quotes from the article also suggest that Fuld is a case study narcissist who is not capable of learning from experience. There is no doubt that having such a person at the top of Lehman leading up to GFC contributed to its demise. The truth is that Morgan Stanley and Goldman would have also collapsed if they were not allowed to use the FED window for liquidity. This would also have probably saved Lehman as well but it was not an option at that time. A careful reading of Fuld's comments makes a compelling case for more regulation because many of the people behind the GFC still have not learned. But more ineffective regulations and silly rules will also be a problem. We need smarter regulation not more. We also need compliance people and leaders who notice and catch organizational drift towards trust violations.This is a solvable problem.