How do we fix the financial system? How do we ensure that we don't set ourselves up for another crisis? Simon Johnson, professor at MIT's Sloan School of Management, senior fellow at the Peterson Institute for International Economics, and co-founder of The Baseline Scenario blog, offered some ideas during a recent visit to Motley Fool HQ.

Last month, Citigroup (NYSE: C) drafted a plan to get taxpayers out of its hair. Now one of its biggest shareholders is calling for Uncle Sam to get lost, too.

Today's subject: Last month, John Thain, former head of Bank of America's (NYSE: BAC) Merrill Lynch unit, sat down at The Wharton School of Business to speak with MBA students and a panel of experts. Mr. Thain discussed the future of the banking system, JPMorgan Chase's (NYSE: JPM) purchase of Bear Stearns, problems with Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM), and the need for more competition among credit ratings agencies like Moody's (NYSE: MCO) and Fitch.

It's easy to hate Goldman Sachs (NYSE: GS). It has connections. It has cash. It has influence. It knows what it's doing. And it uses all of these advantages to pay each of its employees, on average, far more than half a million dollars a year. That we keep a suspicious eye on Goldman is not only expected, but warranted.