Thursday, February 12, 2015

Why sunshine is the worst disinfectant

"The disclosure bonanza is easy to explain. Nobody is against it. It’s politically expedient. Companies prefer such rules, especially in lieu of actual regulations that would curtail bad products or behavior. The opacity lobby — the remora fish class of lawyers, lobbyists and consultants in New York and Washington — knows that disclosure requirements are no bar to dodgy practices. You just have to explain what you’re doing in sufficiently incomprehensible language, a task that earns those lawyers a hefty fee."

In the New York Times, Jesse Eisinger explains why disclosure laws are no substitute for regulation -- and how they often work in favor of the bad guys.

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