Adam Smith on the Recent Financial Woes

I think Smith would have likened the behavior of most of the banks, mortgage lenders, and the U.S. Government to his statements on the East India Company:

...waste which the fraud and abuse, inseparable from the management of the affairs of so great a company, must necessarily have occasioned.
--Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book 4