Summers has to be held largely responsible for this situation also. He was President Obama's top economic adviser at a time when the administration could have dismantled the major banks since they were insolvent. The Obama administration also could have pushed Congress for stronger measures in Dodd-Frank.
Summers had ample opportunity in his prior jobs to demonstrate a commitment to rein in the financial sector. All the evidence shows he pushed in the opposite direction. The Obama administration's effort to portray Summers as the frustrated regulator is cute, but not the sort of thing that deserves to be taken seriously.
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