Wealthy white-collar criminals often only face minor fines and are able to keep operating. The industry perception of people who get caught (who are known to still be only a small percentage of those who commit them) is almost universally "they were stupid enough to get caught."

I wonder whether this is yet another tendril of the student loan debt bubble and the privatization of a public good (education) contributing to deep, structural rot in American society. Most of the quality academic talent gets picked off into the industry, where there are real opportunity costs for mis-execution, and a much more healthy and liquid market for labor supply and demand. Does that mean that maybe the only plausible end-state for academia is a market for lemons?