How Greenspan's Framework Went Awry - Daniel Kahneman

Even without maliscious intent, a conflict-of-interest was established, causing biased perception and/or motivating the immoral.
This conflict of interest is the underlying problem, and the time scale discussion was only a symptom. It was too easy to beleive that it was worth the risk because the risk wasn't really theirs.
I could start a whole bunch of chickenhawk comparisons related to the politics aspect, but it is a symptom, not the root problem:
Conflict of interest

Right, but that's obvious. Entire life is a conflict of interests. That's why we have built-in cognitive heuristics - to choose the interest of higher survival value at the right time. Everybody has them. So, knowing that, you need to choose the leader whose cognitive heuristics gives higher precedence to altruistic behavior. Alternatively, you can set up an effective checks 'n balance system to control non-altruistic tendencies. Failure to do so results in a collapse we have witnessed.

We elect people with high moral standards? You would never even be in a position to be elected without compromising many things. The most dangerous wolf in the woods is wearing sheeps clothing.

I guess you missed the part where you are paying for the super rich's mistakes, whilst they get away with slightly lower bonuses.

That's not true. And it's masses. There are no apostrophes in plurals.