Not really, it's just bad management, they took unjustified risks for cost-cutting, and the system, both government and market, is punishing them for it at the first sign of something bad happening.
You could argue that the punishment is not harsh enough for deterrence, or not fast enough, but that's an issue with the government, not the market. Furthermore, the main reason why they are not more afraid of market repercussions is because they know the government needs them, they created a monopoly.
The system is mostly working as it should. The malicious players were found relatively quickly, through a mix of whistleblowing and the first relatively minor accidents getting a lot of attention (fourth estate and all).
Don't get me wrong, we need to keep making things better, there's so much work to do. But if the system were not working we would just have not heard about any of this and accidents would keep happening routinely while robber barons get filthy rich (literal violent monopolists, not plain billionaires), like 100 - 150 years ago.
You could argue that the punishment is not harsh enough for deterrence, or not fast enough, but that's an issue with the government, not the market. Furthermore, the main reason why they are not more afraid of market repercussions is because they know the government needs them, they created a monopoly.
The system is mostly working as it should. The malicious players were found relatively quickly, through a mix of whistleblowing and the first relatively minor accidents getting a lot of attention (fourth estate and all).
Don't get me wrong, we need to keep making things better, there's so much work to do. But if the system were not working we would just have not heard about any of this and accidents would keep happening routinely while robber barons get filthy rich (literal violent monopolists, not plain billionaires), like 100 - 150 years ago.