What financial companies could learn (but won’t) from the toy business.

The U.S. toy industry called for a new inspection regime, including production-line audits, certified by law. To date, we’ve heard lots from the economists, the politicians, the ideologues, and various Joes on what a new financial regime should look like. Corporate boards and Wall Street CEOs have been relatively silent about long-term fixes—seems as if they’re too busy sidling up to the government teat. The rejection of the first bailout bill and Barack Obama’s rise in the polls can be attributed in part to a frustration that Wall Street isn’t learning.

Be chastened and optimistic.

The toy industry’s attitude was one of “continuous improvement.” Companies apologized for the scare but pointed to recalls as an example of the system working—the soiled goods were identified and removed. While the financial crisis is more dire, we have yet to hear any apology. There have been very few suggestions about how the industry will take advantage of the crisis to improve its own compensation, risk management, or lending practices. Of course, that may well be because the financial industry genuinely thinks it did nothing wrong. If so, all of the above is moot, but it may yet be the biggest PR gaffe of all.