Comments on: Private Sector Solution to Credit Crunch Requires Unprecedented Transparency http://www.wikinomics.com/blog/index.php/2008/09/18/private-sector-solution-to-credit-crunch-requires-unprecedented-transparency/ Exploring How Mass Collaboration Changes Everything Sun, 28 Aug 2011 14:21:24 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: What 700 Billion Could Buy « The SNAPP File - Article Archive http://www.wikinomics.com/blog/index.php/2008/09/18/private-sector-solution-to-credit-crunch-requires-unprecedented-transparency/comment-page-1/#comment-235239 What 700 Billion Could Buy « The SNAPP File - Article Archive Tue, 06 Jan 2009 01:15:38 +0000 http://www.wikinomics.com/blog/?p=1951#comment-235239 [...] a similar suggestion for a “giant workout of Wall Street.” Here’s Don Tapscott calling for unprecedented transparency. These are about extracting a pound of flesh for our ton of [...] [...] a similar suggestion for a “giant workout of Wall Street.” Here’s Don Tapscott calling for unprecedented transparency. These are about extracting a pound of flesh for our ton of [...]

]]> By: BuzzMachine » Blog Archive » What $700 billion could buy http://www.wikinomics.com/blog/index.php/2008/09/18/private-sector-solution-to-credit-crunch-requires-unprecedented-transparency/comment-page-1/#comment-179050 BuzzMachine » Blog Archive » What $700 billion could buy Sun, 21 Sep 2008 16:28:52 +0000 http://www.wikinomics.com/blog/?p=1951#comment-179050 [...] suggestion for a “giant workout of Wall Street.” Here’s Don Tapscott calling for unprecedented transparency. These are about extracting a pound of flesh for our ton of [...] [...] suggestion for a “giant workout of Wall Street.” Here’s Don Tapscott calling for unprecedented transparency. These are about extracting a pound of flesh for our ton of [...]

]]> By: Tel http://www.wikinomics.com/blog/index.php/2008/09/18/private-sector-solution-to-credit-crunch-requires-unprecedented-transparency/comment-page-1/#comment-178996 Tel Sun, 21 Sep 2008 11:46:57 +0000 http://www.wikinomics.com/blog/?p=1951#comment-178996 There has become a culture of "commercial in confidence" where secrecy has found legitimacy in business dealings. In simple terms: everyone knows that *someone* is getting ripped off (otherwise the secrecy would not be necessary) but everyone thinks they are smart enough that it won't be them getting the shaft. Restoring transparency in the financial industry is an excellent idea (and yes, the Internet is an top-class tool for the job) but it does mean cleaning the scam out of the game, and that is no easy task. My feeling is that US banking is rotten to the core and needs to be razed flat before it can be built up again. Unfortunately it looks like the current crop of liars will be handed a get out of gaol free card and we will return to business as usual. No lesson learned. There has become a culture of “commercial in confidence” where secrecy has found legitimacy in business dealings. In simple terms: everyone knows that *someone* is getting ripped off (otherwise the secrecy would not be necessary) but everyone thinks they are smart enough that it won’t be them getting the shaft.

Restoring transparency in the financial industry is an excellent idea (and yes, the Internet is an top-class tool for the job) but it does mean cleaning the scam out of the game, and that is no easy task. My feeling is that US banking is rotten to the core and needs to be razed flat before it can be built up again. Unfortunately it looks like the current crop of liars will be handed a get out of gaol free card and we will return to business as usual. No lesson learned.

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