Banking is the most heavily regulated industry there is. Regulators have offices inside banks, yet it didn't prevent 2008, HSBC and every other billion-dollar scandal.
Protections systems failing isn't a reason to completely get rid of them, it is a reason to reform them.
Using an analogy that has been mentioned elsewhere in this thread, think of your front door lock and your home. Would you get ride of all locks because someone robbed your house? Or would you invest in some other type of lock and security that might not have the same vulnerabilities?
Using an analogy that has been mentioned elsewhere in this thread, think of your front door lock and your home. Would you get ride of all locks because someone robbed your house? Or would you invest in some other type of lock and security that might not have the same vulnerabilities?