The Securities Industry's Reckless Disregard For Risk

Your article on the responsibility for the savings and loan debacle ("The S&L collapse: Did anyone learn anything?," Books, Aug. 2) should have had one more item.

I have seen no criticism of the role of the securities industry in resisting all efforts by the government to limit the amount of their customers' money that they could shovel into institutions paying the highest yield. Had the securities industry used the same care in investing that they would have had there been no insurance, billions would have been saved, since they are well aware that higher returns entail more risk.

Joseph Grodsky

Los Angeles

Before it's here, it's on the Bloomberg Terminal.