Audits and transparency

Mish reports on a massive secret audit of the major US banks. He raises some interesting questions, relevant to auditing and secrecy, and both in finance and in science.

Nearly 100 federal banking regulators descended on Citigroup in New York on Wednesday morning. Dozens more fanned out through Bank of America, JPMorgan Chase and other big banks across the nation.

There is no transparency and there are no details. Is this supposed to inspire confidence?

How can there possibly be any trust in a system that may or may not be taken over by the government, under unspecified conditions, with unspecified strings, when there is no transparency as to what is happening anywhere along the line?

I have no problem with the audit. I have a massive problem with Geithner’s intention to hide the results and I have a massive problem with squandering taxpayer money to bailout banks whose greed was a big part of the problem. Shareholders and bondholders of failed institutions should be wiped out and management of failed banks should be fired and replaced with executives of banks that avoided these problems.

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