On Transparency

Transparency is one of the new watch words we are hearing lately. We are saying our financial institutions need to be transparent or said another way have their actions and business practices visible to everyone, especially investors.

You know like divulge all the money held in offshore accounts, or the assets that you have artificially inflated with idiotic accounting. You know like be honest about the money you have been entrusted with. You know like a consumer with a credit score that tells all about them. Shouldn't banking institutions have the same thing? Shouldn't consumers be able to know everything about a financial institution before they invest?

We need to cut the fancy financial crap and go back to assets and liabilities. If it is harder than that then we fail. If Joe bag of donuts walks into the bank and says I need a loan but I got some stuff over here you can't see what do you think the loan officer will say. That door has to swing both ways or banking will never recover.