That's just moral defeatism. Fraud exists in many businesses and institutions. A healthier outlook on this is that we need to stop it whenever we can, not that we should give up because "everyone does it".
I read it to mean let's hold our governmental and financial institutions to a higher standard. The Fed has allow_negative too, are they truly held accountable?
> Fed has allow_negative too, are they truly held accountable?
To an inefficient degree, yes. Congressional oversight of the Fed is massive because it's popular with many voters. That unfortunately crowds out oversight over the many other financial organs of the United States, e.g. the FHLB.