He was supposed to anticipate institutional deception?
Since "institutional deception" was a big part of what caused financial meltdown to begin with, yes.
It's not like some natural disaster caused the need for TARP, then the institutions lied. They lied and cheated and then melted down, so when we bailed them out, why wouldn't you expect them to go right back to lying and cheating some more?
"Fool me once, shame on you. Fool me twice, shame on me"