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The Trouble With Disclosure: It Doesn't Work

Stashed in: Lawyers!

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Why doesn't it work?

I like (a class of) lawyers being compared to remora fish.

"The disclosure bonanza is easy to explain. Nobody is against it. It's politically expedient. Companies prefer such rules, especially in lieu of actual regulations that would curtail bad products or behavior. The opacity lobby — the remora fish class of lawyers, lobbyists and consultants in New York and Washington — knows that disclosure requirements are no bar to dodgy practices. You just have to explain what you're doing in sufficiently incomprehensible language, a task that earns those lawyers a hefty fee."

I see. Disclosure is the new obscurity.

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