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The Gulf and Wall Street disasters are oddly parallel in many ways, except one: BP is paying for some of its sins. Wall Street isn’t. (And what better evidence than the watered down financial reform bill the Congressional conferees hashed out last night, which gives banks plenty of latitude to keep doing business as usual).
Both calamities were predictable and preventable. BP–and the rest of the oil industry–relies on very risky technology to operate flawlessly under extreme pressure, in deeper and deeper water.