Managing Risk in Industries on the Edge: a look at Oil, Wall Street, and NASA

Thursday, June 03, 2010

The oil industry, Wall Street, and NASA all have this in common: very smart people have the freedom to take huge risks – and those same very smart people are the only ones who can fix it when things go wrong.

Robert Kuttner, co-founder and co-editor of The American Prospect, sees a systemic problem of risk management behind both the economic collapse and the oil spill.  Lane Wallace is a pilot who has written several books for NASA, and says NASA could teach both Wall Street and the oil industry a few things about managing uncertainty.


Robert Kuttner and Lane Wallace

Produced by:

Posey Gruener

Comments [1]

Paul Landaw from Bellerose Terrace, NY

I heard you say that NASA had two catastrophic failures. That is NOT correct. There have been three. Please do not forget the flash fire on Apollo I, killing Gus Grissom, Ed White and Roger Chaffee in 1967. Like the two space shuttle disasters, it also represented a failure for worst case planning, and a blithe assumption of unnecessary risk. In the case of Apollo I, the problem was bad wiring in a capsule that was utilizing an atmosphere of pure (flammable) oxygen.

Jun. 03 2010 08:59 AM

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