Considering the corners this dude cut and the experts he ignored, I'd say sometimes that red tape is actually a good thing.
Exactly. He was a businessman who was trying to make money off of Titanic tourism, developed an experimental submersible--used carbon-fiber in the hull for the first time--- but ignored multiple requests from many industry experts to get it certified and was rather arrogant about it, tried to keep costs down--and we see the result. Going more than 2 miles down in the ocean is the same as building a jet aircraft--it has to be failsafe. There was an expert on TV a few minutes ago who said he was involved in inspecting the submersible and found a lot of reasons for concern--including not enough system redundancies and "shoddy parts." He had planned to go down on the thing but decided not to after getting a close look at the sub. Sorry for the loss of life.