Word: oversights
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...lesson from the 2003 blackout is that utilities needed more oversight. Before the blackout, Daigle notes, regulations on utility reliability depended on little more than "peer pressure." That's been beefed up in the years since, with tougher audits of utility systems and steeper fines for failures. But more importantly, we need to enhance what Daigle calls "situational awareness," or, in other words, the intelligence of the grid. The system failed in 2003 not so much because of unkempt trees and a few sagging lines, but because no one knew what was going on until it was too late. Utilities...
Part of the safety issue may be lack of oversight and accountability. Only nine state governments have fully adopted the Food and Drug Administration's 2005 Food Code, which lays out safe food-handling and sanitation standards. The CSPI, along with the National Restaurant Association, which represents food establishments, is pushing for all 50 states to adopt this code. The restaurant association would also like to see a standardized inspection form that would make it easier for evaluators to identify problem areas quickly, helping to advance food safety. Yet the industry group calls the CSPI report a "misleading caricature...
...While Bill Gates does a fine job outlining his creative capitalism initiative, his exclusive focus on developing nations at the expense of his own is a tremendous oversight. Corporations in developed countries certainly should feel socially responsible for those in developing ones. But if they ever want to be taken seriously as agents of social change, they need to consider their own economies as well. Gates is incorrect to brush over the U.S.'s economic woes so lightly, especially when creative capitalism could potentially solve some problems like our own oft-neglected poverty. Only when America proves that capitalism...
...President's Working Group on Financial Markets, an inter-agency collection of regulators led by Paulson, had actually been looking into potential problems with hedge funds and derivatives. But they missed CDOs. Paulson terms the oversight "obvious after the fact." Not so, say some observers. "I've got a lot of respect for Paulson and his credentials," says Glenn Hubbard, who was chairman of the President's Council of Economic Advisers in the early Bush years and is now dean of Columbia Business School. "But this looks like the Fed and Treasury were lurching from crisis to crisis, when much...
...counterpart, the Intelligence Bureau, would be placed under the "administrative, financial and operational control" of the Ministry of Interior. Although until now the ISI had been nominally under the administrative control of the Prime Minister, it has throughout its 60 years operated in notorious secrecy and with negligible civilian oversight. "The move would have opened up the ISI's finances and operations to scrutiny," said Ayesha Siddiqa, an independent military analyst. And plainly, powerful forces within the Pakistani state were having none...