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The reverse effects of innovation?

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Yesterday, we saw the worst decline in the US stock market since the 9/11 terrorist attacks. Today, as I've read more about the situation, many articles are pointing their fingers towards the innovation in the space. Reena Jana at Business Week looks at the bankruptcy of Lehman Brothers and the recent buyout of Merril to Bank of America and wonders if it's the current effects of market innovation a few years back. The Kansas City Star ponders this: Its fundamental problem is a corrupt culture that is shaped by inflated fees and excessive compensation that bear too little relation to the risk, skills and innovation involved. We've addressed the issues already in a blog post here.

What do you think? Is this innovation coming back to haunt those who are abusing it or is it the cause of something else?

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