The purpose of this paper is to reflect the behavioral biases that led to this global financial crisis. The paper presents briefly the real causes of the crisis (structural and cyclical factors) and puts a greater accent on the behavioral factors. The authors considered to structure the paper in three main pillars: behavioral factors, the collapse of ethical behavior and the role of behavioral finance in studying, regulating and assessment financial risks. The first pillar consists in a brief presentation of the behavioral factors such as: optimism and wishful thinking, overconfidence, greed, regret, pessimism, passing the responsibility, herding - groupthink, anchoring, representativeness biases, informational cascades and this time is different syndrome. The second pillar of the paper presents the collapse of ethical behavior that led to the global financial crisis: predatory lending practices, inappropriate compensation schemes, rating agencies behavior, corporate governance reforms and financial institutions opacity in their reporting. The third pillar presents the mismanagement of risk and regulations that led us into this global mess. The paper concludes with the need of integrating biases of human behavior into regulations in order to make them more effective and people become less financially vulnerable.