Lack of transparency breeds corruption from "summary" of The Money Culture by Michael Lewis
The less you know about how a financial institution makes its money, the more likely it is to be making money at your expense. There is a reason why the most successful companies in the financial world go to great lengths to keep secret what they do. They would rather not have you know. When the lights are off, the roaches come out. Lack of transparency breeds corruption. If you can't see what someone is doing, you can't stop them from doing it. And when there is no one watching, people tend to act in their own self-interest, even if it means taking advantage of others. In the world of finance, where billions of dollars are at stake, the temptation to cut corners and take advantage of information asymmetry is strong. Bankers, traders, and executives are not immune to the lure of easy money. And when there are no...
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