Despite new transparency regulation in 2002, a lack of transparency was identified only five years later among the causes of the financial crisis in North America. With this paradox in mind, the authors investigated the terms ‘transparency’ and ‘transparence’ in a corpus of seven Canadian newspapers (English and French) comprising nine million words, from the Dot-com crash of 2001 to the subprime crisis of 2007–2008. When contrasted with a test corpus of annual reports, the press corpus showed that during this period journalists mentioned ‘transparency’ intermittently, and most frequently in 2007–2008, whereas the banks used it with a steady increase. When represented on a Transparency Perception Continuum, the data showed the press as critically pointing to a lack of transparency, and the banks as positively or neutrally discussing transparency. It was also evidenced that English-Canadian reporters used a wider array of sources than did their French-speaking counterparts when recasting statements on transparency. The francophone press seldom quoted American sources, selecting instead statements originally made in French by local banks in the province of Québec. The findings show that by avoiding translation the French-Canadian press contributed to a more bank-centric view on transparency, entangled in the production of a dominant discourse.