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The intense scrutiny undergone by the financial sector will reach a hiatus in 2004. Regulators will have let that they cannot, by prescribing ever more complex or draconian rules, prevent financial companies from taking disastrous risks, or form exploiting privileged information and diddling their customers.Those two dangers, which have preoccupied bank supervisors since the collapses of Long-Term Capital Management in 1998dan Enron in 2001, are inherent in the financial business and cannot be magicked away. With luck, 2004 will see regulators take a different tack and begin to simplify the complex rules on bank capital, known as Basel 2. It should also see the witch-hunters, such as Eliot Spitzeer, the New York State attey-general, accept that digging ever deeper into the way financial firms do business will not reach clear blue water-there is none. Financial dealings are nearly always at root unfair for someone.