What is surprising is that it is necessary for someone to say this. This is part of the culture of saying as little as possible, where management should say as much as possible to their shareholders.
Auditors have a responsability to pressure for more disclosure, before they sign the accounts.
Will they fail us again?
Onésimo Alvarez-Moro
See article:
Investment banks need to restore investor confidence by making a concerted effort to reveal the full extent of any losses arising from the credit market turmoil, Josef Ackermann, chief executive of Deutsche Bank, has urged.
Mr Ackermann said investors lacked confidence in the financial markets and in the banking sector because they were uncertain of the size and location of the losses. He said investment banks should provide clarity by valuing their credit exposure to current market levels.
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