We never learn.

A common mistake when looking at crises and catastrophe is to look almost everywhere and at everything in the immediate vicinity of the time that the incident occured, but losing sight of the broader historical context. This common problem, a myopia, happens again and again. An example of this myopia is now on display with the current changing of the guard at Morgan Stanley. The general sentiment on the newspapers is that Mack has done "o.k.". The reason for this tepid farewell is due to Morgan Stanley derisking in the past 12 months (unlike Goldman Sachs). The fact that Mack is not applauded, but instead pitied, for choosing to derisk during the largest period of deleveraging since the Great Depression, shows that people never, ever, ever learn.

Here is an example of the tone that currently depicts the feelings towards Mack (WSJ).

and also here (WSJ as well).