I simply do not have enough information to make any kind of valuable judgement. The real question is how cold is the water? I just checked the SF bay buoy (PZ530) and it is reporting 9-10ºC (48-50ºF) I have been in cold water with out protective gear (accidentally) on contact my legs hit my chest and I could not move them. It was hard to breath, I was less than 4 feet from a dock and I used to work as a lifeguard when I was younger but that was the hardest 4 foot swim of my life. I didn't have the strength to climb out a ladder that was there all I could do was hang on. By the time I was out of the water I was entering stage 3 hypothermia and spent the night in the hospital. I was in water that was 6ºC (42.8ºF) for 8 min.
If the area where the buoy temperature is taken is similar to the area where the event took place there is no way with out a wet suit of boat or some protective gear that anyone could swim out and save anybody.
Police and firefighers are doing a job, they are not paid to die for people. They understand the dangers take precautions to protect themselves and act. Don't blame the people on the ground, blame the governor or the tax payers, blame the people whom didn't say that emergency services is a priority all the time not just when there is an emergency.
A friend of mine works in a local fire department the government just cut the budget 37% it is a small station, that means they now have 2 full time fire fighters, at any given time only one professional firefighter will be on scene they are not allowed to do ANYTHING by them selves they have to wait until the volunteer fire fighters arrive. The response time for the volunteers is 45 min. But the government saved 35000 a year, and just got re-elected on the strength of the tax reform in the budget. I can't wait to hear the same story, man burns in fire while firefighters (well firefighter) sits in truck.
I don't know the facts, do you?
http://www.shipwrite.bc.ca/Chilling_truth.htm
http://www.wunderground.com/MAR/PZ/530.html