Only if one is stupid enough not to understand the limitations of Black-Scholes which only works under a huge pile of assumptions that exist in very narrow and rare circumstances. Black-Scholes isn't responsible for our current mess. Black-Scholes is an equation. It can be used wisely or unwisely. We can encourage wise use but sometimes we seem to need to learn things the hard way.
What you say sounds very reasonable, but I'm troubled by the reflexive denials I have been reading from quants and financial engineers. I've read comments from too many who move smoothly from lauding the money making power of their models and their own skill in applying them, to denying any culpability for the recent meltdown: "hey I'm just a geek with a model, nobody listens to me, and the traders do just what they want anyway". I don't think you can have it both ways. At the very least the models like VAR were used as a fig leaf to persuade folks that junk was AAA. If people knew that their models were being used inappropriately, then they had a duty to make a stink about it, even if it meant walking away from their bonus and stock options. A handful of folks did walk away from places Enron, Lehman, and Washington Mutual, crying bloody murder, so it is not an impossible standard to meet.