During the financial crisis, the last administration, staffed by investment bankers, tried to furiously deal its way out of the mess.  TED has a post up that suggests that perhaps we should not be surprised, given the business model, and ultimately the culture, of investment banking:

a senior banker in a revenue generating role at a large investment bank is often expected to deliver $25 million or more in transaction-related revenues to the bank each and every year. Below that, senior management just doesn't think he's producing enough. (Among other things, there's a hell of a lot of infrastructure to pay for in a big bank.) But you can't do that unless you are doing deals: mergers and acquisitions, stock and bond underwritings, derivatives. Do you see the problem? It just doesn't pay to offer good advice. A banker could and should be doing deals instead.

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