Transparency Games looks at the history of transparency and its role in the financial markets from the beginning of the 19th century to today. It is what I call an analytical historical narrative beginning with transparency being the necessary and sufficient condition for Adam Smith’s invisible hand of the market to work properly. The book then uses a number of events like the Panic of 1907, the 1933 Bank Holiday during the Great Depression, the collapse of Continental Illinois and the Less Developed Country Debt crisis to show the evolution of transparency and how Wall Street was able to reintroduce opacity into the global financial system. The book then looks at a number of the international studies into the financial crisis that began on August 9, 2007. These studies confirmed opacity was the necessary and sufficient condition for the crisis to occur. Finally, the book looks at three case studies (Anglo Irish Bank, JP Morgan’s London “Whale” trades and the Libor interest rate manipulation). These case studies confirmed in the presence of opacity, bankers will behave badly. These case studies also confirmed, in the presence of opacity, the financial regulators are not up to the task or restraining the banks.