It’s hard not to feel “transparency” is having a bit of a moment these days, thanks to the turmoil of the financial world and the pressure on banks to be more open about their sub-prime losses and credit-related issues. Indeed, one day last week I counted 12 articles in this newspaper that featured the T-word.

You know: “World leaders are expected to agree a set of initiatives to increase transparency and confidence in financial markets at this week’s Group of Seven meeting in Washington”; “Basel II will enhance capital regulation, risk management and market transparency”; “Peter Harrison, chief executive of $2.5bn London hedge fund MPC Investors, put the chances of increased pressure for hedge fund transparency at more than 50 per cent”; and so on. Apparently, the way forward is for all business to be see-through. Or at least, for businesses to talk about how they should be.