It started, when they were repeated what some American investor (probably Warren Bufffet) had said about the Madoff fraud/credit crunch, something like:
"When the tide goes out, you discover who has been swimming naked".
This phrase has obviously struck a chord with reporters who seem to use it whenever they can but modify it (without mentioning its provenance) to make it sound like their own clever invention. However when they do this they inevitable make it sound clunkier and less apposite.
I've since heard a reporter say:
"When the tide goes out, you see who's got a swimming costume on"
and this morning, with the new Stanford alleged fraud, I heard:
"When the tide goes out, you see what rubbish is left on the beach"
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