Transparency is not just a buzzword

Why transparency would have saved us from the 2008 financial collapse

From my desk at Bear Stearns, where I’d traded mortgage-backed securities for years, I watched as the financial and housing markets crashed in 2008. A few months later, there was no Bear, and my new desk was at J.P. Morgan. It’s easy to think the crisis was a result of “Wall Street got drunk,” as George W. Bush admitted. But I saw a different cause: the financial sector’s failure to keep up with innovation. What really happened in 2008? In short, innovation without checks and balances. ….[READ]

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