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"Authorities are investigating an intentional breach in a levee near Desoto Bend."
"Pottawattamie County officials said a half-mile stretch of the Vanmann #30 levee was mechanically excavated and then lowered by using explosives."
"Emergency Management Coordinator Jeff Theulen said he was alerted Friday morning that the levee may have been in the process of being intentionally breached."
In recent years, several large man-made disasters have been witnessed with widely felt negative effects due to the externalization of risk by entities claiming limited liability. The concept of limited liability was engineered to protect businesses from losing more than all of their capital, but it is now being abused by corporations and governments who use it to externalize excessive risk. The net effect in a financial model is to convert a natural forward contract into a call option for the risk taker. The profits are kept by the risk takers. However, when risk is externalized, the losses are realized by innocent bystanders. This is the definition of moral hazard.
Originally posted by jam321
Seems some citizens took the matter into their own hands. Too much red tape?
I'm still unclear on what the consequences of this breach will mean.
Harrison County, IA (KPTM)- Emergency Management officials in both Pottawattamie and Harrison Counties are monitoring a levee near Desoto Bend after someone intentionally tried to blow it up with explosives.
This happened Friday morning at the Vonmann #30 levee near mile marker 675.
A citizen witnessed what happened and called the explosion in.
At this time it doesn't appear that the Army Corps of Engineers or any other governmental entity was involved.