This Scientific American article seems to think so

http://ftalphaville.ft.com/blog/2008/11/26/18734/quant-blame-me/

I put my comments on FT -  do the people writing these articles have any experience whatsoever about what goes on in an investment bank?

"These lapsed physicists and mathematical virtuosos were the ones who both invented these oblique securities"

The quants don't invent anything - they get told what to do by the traders/structures.

An article in defence of the humble quant

http://tbm.thebigmoney.com/articles/judgments/2008/12/01/model-made-me-do-it?page=0,1

UPDATE: Wilmott talks quants