In favour of banking transparency

A short story about a bank that in the 1930s published a complete list of all its assets and liabilities, and showed how these made it a sound bank which therefore did not need to be tightly regulated.

As the writer points out, steps towards greater transparency and disclosure would no doubt be resisted by the banks today. But such steps would help them avoid losses such as the single trader who created a $2.3bn loss for UBS.

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