Christian Science Monitor: "Reports: Lax oversight, 'greed' preceded Japan nuclear crisis"

"Reports are emerging that both the United Nations' nuclear watchdog agency and the Japanese government failed to properly ensure the safety of country's nuclear power industry.

The reports are challenging the recent refrain that the world's No. 3 economy couldn't have done better and once again highlighting how poor government oversight of an industry that allegedly cut corners to turn higher profits can spawn an environmental disaster."

"Dr. Andreev said the sequence of events at Japan's Fukushima I suggested that the plant's owner, Tokyo Electric Power Company (TEPCO), may have put profit before safety. The fire that broke out Tuesday in reactor No. 4's fuel storage pond may have been caused by a desire to conserve space and money, he suggested.

"The Japanese were very greedy and they used every square inch of the space. But when you have a dense placing of spent fuel in the basin you have a high possibility of fire if the water is removed from the basin," Andreev told Reuters.

TEPCO has come under fire in the past for falsifying safety records at the Fukushima Daiichi plant. In 2002, according to The Wall Street Journal, TEPCO admitted to the Nuclear and Industrial Safety Agency that it had falsified the results of safety tests on the No. 1 reactor.

This was only one in a string of scandals and coverups to mar the Asia's biggest utility company. In 2007, the company initially said there was no release of radiation after an earthquake damaged its Kashiwazaki-Kariwa plant, but later admitted that radioactive water spilled into the Sea of Japan.

And less than a year ago, on June 17, a reactor at Fukushima I lost electricity and saw a dangerous drop in cooling water, Bloomberg reported. TEPCO's president failed to adequately investigate to prevent the current crisis, said Iwaki City council member Kazuyoshi Sato."

Christian Science Monitor - Reports: Lax oversight, 'greed' preceded Japan nuclear crisis

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This is the same kind of cozy inspection relationship between the banks and regulators and inspectors that caused the world economy to melt down a few years ago, hey?

Unless there is a fierce independence between inspectors and the inspected these sorts of events will happen.

Self-regulation does not work.