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Disclosure–or the lack of it–is a major cause of the current financial crisis
[…] value of collateralized securities tied to home mortgages--so that buyers and sellers can resume trading them, even at heavily discounted values. The financial markets are like representative government. Just as democracy requires transparency so that voters can hold elected officials accountable, so the financial system requires transparency so that investors can understand and place […]
June 3, 2009