Blame Bloomberg for the Crisis

Thought-provoking quote from the opening paragraphs of a new Gillian Tett piece on "murky finance" over at the Financial Times.

A couple of years ago, a senior investment banker berated me for using the word “murky” to describe the world of structured finance. “It’s not opaque,” he said indignantly. “You can get plenty of information if you know where to look on a Bloomberg machine.”

“But what about those people who don’t have a Bloomberg machine?” I asked. Or a Reuters terminal, say.

The banker seemed momentarily stumped; apparently he had never felt the need before to wonder if the part of the population that is tragically Bloomberg-deprived might need to know about finance too. Then he eventually declared that I was missing the point. “People who need to know, know where to look for data,” he said. “It is not really murky at all.”

[FT]

Security through obscurity, as the techies like to say.

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