Quotes About Lack Of Transparency

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Quotes About Lack Of Transparency

Goldman Sachs itself—and so Goldman was in the position of selling bonds to its customers created by its own traders, so they might bet against them. Secondly, there was a crude, messy, slow, but acceptable substitute for Mike Burrys credit default swaps: the actual cash bonds. According to a former Goldman derivatives trader, Goldman would buy the triple-A tranche of some CDO, pair it off with the credit default swaps AIG sold Goldman that insured the tranche (at a cost well below the yield on the tranche), declare the entire package risk-free, and hold it off its balance sheet. Of course, the whole thing wasnt risk-free: If AIG went bust, the insurance was worthless, and Goldman could lose everything. Today Goldman Sachs is, to put it mildly, unhelpful when asked to explain exactly what it did, and this lack of transparency extends to its own shareholders. If a team of forensic accountants went over Goldmans books, theyd be shocked at just how good Goldman is at hiding things,
— Michael Lewis —

Conflict of interest and lack of transparency, though they are global features as we saw post-Iraq, almost define Indian cricket.

— Harsha Bhogle

A lack of transparency results in distrust and a deep sense of insecurity.

— Dalai Lama

Some said America took a step forward electing a black president. In light of the unconstitutiona l expansion of powers, lack of transparency and fueling the fires of unrest that clearly hasn't been the case. Vote based on merits, not to fill a racial quota.

— Denzel Washington

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