By Ed Cone Wall Street spends heavily on IT, and Wall Street firms have been seen as innovative users of technology, so what does the financial services meltdown say about the efficacy of computer systems in areas like risk management? Clearly, IT wasn't enough to save these companies from themselves. And just as clearly, the technology was deployed in an environment where many other factors were in play. Regulatory failure and human nature seem like bigger culprits than faulty software in the current unpleasantness. The smartest risk-manager I ever interviewed relied on some basic technology, along with news, anecdotes, common sense, and his gut. But this report from the Counterparty Risk Management Policy Group says financial services technology is not up to speed. The CRMPG is an industry group that includes representatives of the largest banks; the report came out in August, back when that designation still included Merrill Lynch and Lehman Brothers -- both members of the team....