At a large mid-day session hosted by CNBC’s Maria Bartiromo – think of a combination of the old Phil Donahue show and a hanging party – groups of Davosers (Davosites?) sat around tables and tried to affix blame for the debacle. The group was asked to assess questions such as: What was the greatest market failure? And what was the greatest regulatory failure. There was a lot of talk about failed models and regulatory regimes with poor incentives. But there was little talk of who was to blame.

At one point, somebody stood up and said, “It’s intriguing nobody is to blame. In other industries, there are consequences if you make toxic products that hurt people. Policy makers need to make it clear that there are serious consequences for that type of behavior.”

Big applause!

And yet aside from the odd mention of Alan Greenspan and an oblique reference to Robert Rubin, the former Treasury Secretary who became a senior executive at Citigroup, there was little talk of individual players who bore responsibility. Of course, you can make the case that the people who caused the damage have been punished: they didn’t’ get to go to Davos this year. Last year, Davos was thick with investment bankers and hedge fund managers. This year, the only true Wall Street bigshot I’ve seen is Stephen Schwarzman of the Blackstone Group.