Certainly. When reality disagrees with your theory you don't blame reality, you blame your theory. The idea that there would be yet another housing bubble which popped and that this might cause a massive number of defaults from "sub-prime" lenders is not exactly fucking rocket science, it should have been on the mind of anyone and everyone investing in that business. That's not a 25-sigma event, that's a 0-sigma event, it's predictable and inevitable. By making it seem like the inevitable was impossible these charlatans transformed an ordinary housing bubble into an existential crisis for the world financial industry. It's a shame more of them aren't in jail.