What’s to learn? The movers and shaker walked away with many millions, and the devil take the hindmost. Somewhere right now, execs are planning the next fiasco that they’ll profit from in grand fashion.
If MBIA and AMBAC fail (they are close to insolvency) then all their insured MBS bonds will be derated to junk, unless the originators have the capital to self-insure them (they don't).
If this happens, our financial system could face its worst crisis in 75 years.