As events of the past year have shown, transparent and timely information is crucial in the financial markets. Lack of information can be a killer, or at the least a severe embarrassment. But ironically those very institutions that have been pushing most for greater transparency in emerging markets, the major US banks, are themselves guilty of hiding their own exposures from their shareholders.
They are not breaking any laws, of course. Each institution complies with the reporting requirements for shareholders as laid down by the Securities & Exchange Commission.
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