What is "financial transparency"?

Opinions such as those by Christopher Cox (Chairman of the SEC) in "Swapping Secrecy for Transparency" are typical of many that recommend improved transparency as part of the solution for the current credit crisis. He suggests that Congress require that "dealers in over-the-counter credit-default swaps publicly report both their trades and the value of their trades."

What are the counter-arguments? Why weren't Congressmen who were around during the S&L crisis of the late 80's able to see this inevitable lapse?

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