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I know that on more than one occasion, I have not reported something when there was a flaw until after the fix was in place - mainly to assure decreased losses, etc. That said, if there was a flaw in the system, I can see that they wouldn't say anything about it... it happens in the real world all the time. It doesn't necessarily make it right, but nothing is said when a bank loses money other than a change in figures (one would hope) in the prospectus.

That isn't a defense. It is just a comparison.

Could they have handled it better? Well, if someone was dragging the dirty laundry out - almost certainly they could have. Will they learn from the lesson? Who knows...

Second Life Consultant