Relentless greed-fueled risk-taking underlying major disasters must be punished

Disasters are seldom the result of one or two mistakes/failures. Disasters usually follow a long string of mistakes and failures which — in combination — transform the unthinkable into reality.

It is already clear that the BP-caused disaster in the Gulf of Mexico is a disgustingly classic many-horrible-decisions-and-bad-mistakes disaster:

These many terrible decisions and mistakes — producing such horrific consequences — necessitate serious prison time. This applies equally to the recent financial collapse. If we allow key decisionmakers who cause such disasters to go unpunished (or even, in the case of bankers, rewarded with bailouts), we’ll never compel giant corporations to make decisions based on anything other than short-term profit maximization.

Posted by James on Thursday, May 27, 2010