'Transparency needed, not new rules'

News Article - 05 December 2007
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There is a need for greater transparency in the financial markets following the sub-prime crisis, according to one industry expert.

Roel Campos, former US Securities and Exchange Commissioner told the International Federation of Accountants' World Accountancy Forum that to restore public confidence, more disclosure is necessary.

Chairman of the Financial Accounting Standards Board Robert Herz said that the sub-prime issue had damaged the US's credibility and that there needs to be action taken as the industry is not achieving the correct balance.

"It's clear that there's not the transparency that everybody wants and needs there, but the marketplace is going to adjust to that. People won't buy until they have the information that they need," commented Jim Quigley, chief executive of Deloitte Touche Tohmatsu.

According to Accountancy Age, the US Senate Banking Committee is calling treasury secretary Henry Paulson to explain his role in the sub-prime crisis. Failing to do so may result in a formal investigation, it reports.

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