He's doing a shitty job of pointing out that "negligence on the part of financial institutions" has been re-branded by the industry as "identity theft" so they can transfer part or all of the liability to the customer, and even get you to pay to protect yourself from their negligence. If he'd spoken plainly and not tried to mimic one of a hundred libertarian web sites that rail on such things it probably would have been clearer.
I wasn't trying to mimic anything, and was primarily saying things that derive from longstanding principles. Your wording is a bit more straightforward, so please chime in with further improvements.
