Securities without accountability is like automobile safety without seatbelts.
There's a phenomenon called
risk compensation where it's been noted that humans have a certain amount of risk tolerance and if you change their environment to make it safer in one aspect they'll change their behaviors in other ways to nullify the benefit.
People wearing seat belts drive faster, and more aggressively, and are more dangerous to pedestrians than when they aren't wearing them. This is precisely because they feel more secure with the seat belt on.