The market is dealing its own brand of justice on Wall Street for the follies and excesses that led to the credit crunch and individuals who took part in it are paying the price, says veteran dealmaker Kenneth Moelis.

“There is a full-on depression in financial services,” Moelis said at The Deal’s Fifth Annual Private Capital Symposium in Manhattan.

“People measure pain differently, but losing your job is no fun from any position you are at,” Moelis said. “Financially people are getting hurt.”

The chief executive of Moelis & Co said he was “not a big fan of the rush to regulate,” and the market was holding deal advisers accountable.

“If you think you got bad advice … it is up to the users of bad advice to discipline appropriately,” he said. “There is a lash-back on the big financial conglomerates.”

Moelis also said relationships in the business were not what they used to be when he started out.

“People say, ‘the relationships are ending.’ I have the question, ‘did the relationships ever begin?’”  Moelis said, when asked if aborted LBOs would sour partnerships between advisers and private equity companies. “I think that personal trust did go away.”