So I found this article very much with the way I see banks and financial systems. Being that I never worked on financial IT system this was just my hunch. But

So I found this article very much with the way I see banks and financial systems. Being that I never worked on financial IT system this was just my hunch. But, hearing accounts of what was going on it sounded like people were making decisions on very little data, or that the data wasn't available to them. When the crisis hit I kept thinking over and over that this could all have been avoided if things were more transparent. The SEC is at best over burdened and probably more likely gamed. The oversight we have doesn't work, and every time we talk about reform bankers moan and complain you'll ruin everything. I call bullshit. Given the proper financial data anyone could evaluate the risk of a company. It's not rocket science. It's all a bunch of electronic data. We need to rethink regulation. We need to transitions from auditors, committees and the SEC to financial transparency. We should be able to see every trade, every position, every loan, CDOs, and derivatives a company owns, trades, etc. Everything can be tracked and examined because it's just a bunch of electrons. If this sort of system existed it would be virtually free to conduct an audit, or monitor for manipulation. It benefits both the CEO and SEC. CEO's have better insight into what's going on inside their companies, and the SEC can make sure they aren't manipulating markets or doing risky things at any moment. Instead of sending out a fleet of auditors, relying on Sarbox, etc. There's no excuse for bad loans being made. I kept hearing of loan evaluators being told to pass bad loans just because Wallstreet wanted to securitize them. That's ridiculous, and if they were doing that we should be able to see it in plain view. Loan packages can be graded by a computer, the only thing a human should be doing is checking for fraud at the most. And remember the bang up job Moody's did rating the pile of junk. Their failings seemed like just total lack of knowledge about what they were doing. Which got me thinking why can't we automate the stress test on banks? If we had such a system then we could take all of the financial data from every institution into one big simulation. Simulate future financial products and their impact before we create them. Test out what could happen in the market if we introduce this. Play out what if scenarios. If we could do that then would we need an army of auditors, and more overhead the banks don't want. Light weight bureaucracy not over burdened with check marks, auditors, committees, and SEC filings.