Financial engineering: necessary evil

I have read a lot about financial engineering after 2008 financial crisis. Books like All the devils are here by Bethany McLean and Joe Nocera, The big short:inside the doomsday machine by Michael Lewis, Hedge Hogs: The Cowboy Traders Behind Wall Street's Largest Hedge Fund Disaster by Barbara T.Dreyfuss, The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It by Scott Patterson. Some of the pioneers of financial engineering are Noble Laureates who essentially invented Wall Street money machines. My take home message is: Financial engineering is like germs on our body, they plays a critical role in the health of global financial system if under control and regulation, but they will destroy the whole system if let grow unregulated.