But looters? Did they break a window and rummage through someone else's belongings to find something they wanted to keep?

They saw a "bet" and they took it. Looks like it may pay off for them. No different than the hedge funds who saw a "bet" and took it as well - though it's not looking as good for them as far as the payoff.

No one is taking anything without anyone else's knowledge. You can say it feels wrong, and decide not to play the game due to your own personal ethics. But what is happening on wall street is not breaking and entering and stealing.