It is easy for journalists to preach transparency. It is, after all, almost always in their interests. For bankers and policymakers, things are often not as clear cut.
In a system where wrongdoing is widespread, a serious clean-up will have far-reaching consequences. Friends, colleagues and contacts could find themselves out of work – or worse.
Precious revenues could be lost to a fragile economy. International investors could take fright. Other institutions could be damned by association.
Much better to keep quiet about it, make sure your own organization is doing the right thing and hope that the rest of the sector sorts itself out.
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