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 â€œmurkyâ€ to describe the world of structured finance. â€œItâ€™s not opaque,â€ he said indignantly. â€œYou can get plenty of information if you know where to look on a Bloomberg machine.â€
â€œBut what about those people who donâ€™t have a Bloomberg machine?â€ 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. â€œPeople who need to know, know where to look for data,â€ he said. â€œIt is not really murky at all.â€
Security through obscurity, as the techies like to say.