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To: stomper who wrote (365393)4/14/2008 9:20:03 PM
From: Giordano Bruno  Read Replies (2) | Respond to of 436258
 
ECB's Trichet says banks must own up to losses

"The present turbulences have, once more, demonstrated that opacity as regards markets, financial instruments and real situations of financial institutions is a recipe for catastrophe," Trichet told a conference at New York University School of Law.
A lack of transparency in markets has led to herd behavior and indiscriminate risk-aversion, he added.

reuters.com