From Reuters Blogs:
” ‘With networked computers now cast by all organizations, including the financial sector, into the role of wizard-behind-the-curtain, we all live in Oz. It’s long past time we pull back the veil and call a halt to the mindless application of this supreme and supremely dangerous creation before the damage gets any greater.’
In the age of zero-price computing power, it’s far too easy to cut corners and trust in black boxes. What’s more, it’s incredibly difficult for any regulator to audit such things: I don’t think the Fed or the SEC has a department of relational-database integrity. Maybe they should think about starting one up.”
Reuters Blogs – Felix Salmon: The role of the database in the financial crisis
