NY Times Risk vs. Reward what is wrong with our banking system

This NY Times editorial gets it half right.  No doubt that bonuses have an impact on bankers and how they weigh risks and rewards as they go about their job on a daily basis.  What they fail to point out is how a long history of government bailouts has provided a safety net for the banking industry that has stystemically corrupted how they run their businesses.  As humans we are motivated to take risks based on the potential reward.  The greater the reward the greater the risk we are willing to take.  The negative consequence of failure helps temper this behavior.  The rewards and risks should balance out so a large risk should have both a large reward and an equally large consequence.  Government bailouts have disrupted this equilibrium by lessening the consequences to banks so a big risk gets a big reward but a lesser consequence (bailout).  In my opinion the long history of federal bank bailouts is the primary driver of banks taking on risky behavior and a contributing factor that motivates banks to pay large bonuses.