Blame ASIC?

ASIC's chairman argues that ASIC should not be blamed for recent upheavals in the market (oh, other than the short selling stuff). It's an interesting one, though. To what extent should we, and can we, regulate against bad business decision, and bad investment decisions? However, even acknowledging that we can't protect all against all of their bad decisions doesn't mean that companies should be able to go around breaching disclosure rules and the like, seemingly without any meaningful penalty.