Frankly, yes. Do you realize that before CDOs were made Deutche bank and friends took precautions to make sure they wouldn't be classified as gambling? They knew the danger of what they were creating and sought to make sure it wouldn't be regulated.

and why would people let banks gamble with their money unless it was guaranteed by FDIC? government being "the lender of last resort" really just means that eventually risk will be socialized.

Of course private industry seeks to avoid regulation when it can. This does not make one evil.