Gretchen Morgenson's guide to better business behavior

In her NY Times column, Gretchen Morgenson lists four ways to improve business behavior:

• Make it Sting;
• Wake up the Regulators;
• Solve the Rating Mess; and 
• Make Leaders Lead.

Waking up the regulators and solving the rating mess actually go together and Ms. Morgenson describes how to achieve both:

Why not ensure that investors get all the information they need to conduct extensive due diligence before agreeing to buy complex securities [like structured finance securities or bank bonds and stocks]? 

This may be the only way to blunt the [regulators' and] credit ratings agencies’ power or, better, make them disappear.

Please re-read the highlighted text as Ms. Morgenson has succinctly summarized what it takes to fix the financial system.