The Economist presents a smorgasbord of reasons for the recent financial crisis without firmly settling on any one as crucial. Still it's a good overview of the themes and some of the limitations of quantitative risk management.
http://www.economist.com/specialreports/displaystory.cfm?story_id=15474137
While we're at it, they have a good video on the dangers of fat tails and stress correlations...http://ow.ly/16Gel
My feeling is that although the limitations of risk measurement contributed to making a bad situation worse, particularly by giving a false sense of security to people who should have known better, it would be unfair to throw the baby out with the bathwater. Models are like walking sticks, they help you get around, but they don't do the walking for you.
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