I've spoken to enough energy traders to have been generally impressed. The vast majority have been honorable and decent. While they are not cowboys, they do like to live on the edge. That's the nature of risk taking. All things considered, those traders match buyers and sellers in an efficient way -- a fact even in the period's darkest times.

But, there never has been and nor will there ever be any excuse for the shenanighans that some of the traders pulled. A few people got very rich. But, the whole episode dragged down just about everyone else.

Once I visited a trading center. I was interested in the trading mentality and the economic incentives. Some of the men and women were conversant and helpful. But, after a series of questions, one trader told me there was no "upside" in talking to me. About one hour into the pursuit, I was told I had to leave. I'm still not sure whether my questions were bugging the traders or whether the questions touched on a more profound issue -- the pervasive pressures to perform at all costs.

I come back to main point, which is the job those traders were doing and still are is a valuable one. I also emphasize that while they may be risk takers, the overwhelming majority are able to maintain their ethical standards. That said, it's important to punish those who lost their morality to avoid another era that runs totally amok.