Bookstaber on Mendacious Valves, Banks, Nukes, and the SEC

Good quote from Richard Bookstaber on the difficulties of regulating away risk in the financial industry, unlike, say, nuclear plants.

What is the hardest part of securities regulation?

If you find a valve in a nuclear power plant that isn’t working right and replace it, the valve is not going to try to fool you into thinking it’s on when it’s really off.

More here.