Wait, the crisis was caused by moral hazard? You don't say.

I wouldn't care either if I got paid millions regardless of my performance.

"Last year the five biggest Wall Street securities firms lost $25.3 billion. The executives at those companies still took home $26 billion in bonuses. In other words, they wouldn't have lost a nickel if they hadn't taken any bonuses."

Capitalism doesn't work without negative consequences for mistakes.

as soon as we declared AIG, Citi, B of A, etc. as being "too big to let fail", we declared open season for the people who run these places to do whatever they wanted to do with absolutely no fear of the consequences.

Moral hazard exists in many places in our society. Lets take the biggest one of all, which is the congress and the president. They spend our nations assets with very little to stop them from doing stupid things. Companies run by professional managers are a moral hazard, but so is every other activity where one person is paid to spend another's money.