Financial system fixed...or not?

Having just finished reading "Too Big To Fail", it seemed to this layman that the various powers to be staved off a crises but didn't bother to address the underlying problems.  The single major underlying problem seems to be the leveraging of the big banks assets that allows and encourages them to engage in risky loans to whomever and to make these big bets on whatever through their trading desks.  It's obvious that banks are willing to make risky loans and take huge risks because they are "playing" with someone else's money.  And they have a lot of it to play with.  Competition being what it is if bank A takes gets involved in some profitable but risky venture, bank B is not going to be far behind because it doesn't want to be left out.  And so on with banks C, D, etc.  Next thing you know and there's a lot of credit being exposed that in the final analysis the taxpayers are guaranteeing insofar as regulators think these banks are too big to fail and they present a systemic risk.  Hedge fund manager Paul Singer, who saw the sub-prime problem in advance, comments here on things as they presently stand after the bailouts, consolidations and so forth of the past few years, all in turn chronicled in "Too Big to Fail".  Singer is not sanguine about the reforms that have been put in place to address the underlying issues.  He thinks nothing has changed and that the next crisis is baked into the cake.