Sebastian Mallaby directs the Center for Geoeconomic Studies at the Council on Foreign Relations. He is a columnist and former editorial board member at the Washington Post. Before that, he served as the Washington, DC, and Tokyo bureau chief
for the Economist.
As Wall Street has turned upside down, calls for more transparency, not surprisingly, have become increasingly intense. Markets thrive on information, the argument goes, and more information is better, right? Well, up to a point. When it comes to hedge funds and proprietary trading desks, transparency is not always a good thing. In fact, it can be dangerous.
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