Six months into the credit crisis and the casualties are mounting. Banks, hedge funds and reinsurers are taking losses, and central banks and regulators have suffered serious blows to their reputations.

In contrast, most pension funds have been spared serious injuries from the subprime misery. This is not a coincidence. It comes from the adoption of meaningful transparency, and the practice of sticking to their knitting and avoiding rocket science. Perhaps banks have something to learn from this approach.