10:22 AM
Connect Directly

Is Wall Street Prepared for Meltdown-on-Hudson?

NY Governor Andrew Cuomo is ordering a review of the Indian Point nuclear power plant in New York's Hudson Valley region.

The nuclear plant is 24 miles north of Manhattan -- and in light of Japan's recent troubles it might be too close for comfort.

Reports the Yeshiva World News:

The Nuclear Regulatory Commission determined that Indian Point, which lies along New York's Ramapo seismic fault line, is the domestic plant with the highest risk of core damage from an earthquake.

"I understand the power and the benefit, but I also understand the risk. And this plant in this proximity to New York City was never a good risk," said Cuomo.

"The NRC simply does not function as a regulator. The NRC today is to nuclear power is what the [Securities and Exchange Commission] was to Wall Street three years ago. We had a financial meltdown there. You have a real meltdown at Indian Point," said former Assemblyman Richard Brodsky. "You won't be able to throw money at it and hope it goes away."

Scientists say a major earthquake is unlikely to occur near Indian Point, but they cannot rule out the possibility.

After the terrorist attacks of 2001, Wall Street may have to refreshen its business continuity plans to include evacuations beyond a 100 mile radius. Meet you in the Southern New Jersey data center.

Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio

Register for Wall Street & Technology Newsletters
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.