Flash não fica com fundo transparente.

Fiz a seguinte chamada para um filme Flash:

<script type="text/javascript">AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=7,0,19,0','width','300','height','300','src','flyer_banner','quality','high','pluginspage','http://www.macromedia.com/go/getflashplayer','movie','flyer_banner' ); //end AC code</script><noscript><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="[url="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=7,0,19,0"][http://download.macromedia.com/pub/shockwa...ersion=7,0,19,0[/url]"](http://download.macromedia.com/pub/shockwa...ersion=7,0,19,0%5B/url%5D) width="300" height="300" wmode="transparent"> <param name="movie" value="flyer_banner.swf" /> <param name="quality" value="high" /> <param name="wmode" value="transparent" /> <embed src="flyer_banner.swf" quality="high" pluginspage="[url="http://www.macromedia.com/go/getflashplayer"][http://www.macromedia.com/go/getflashplayer[/url]"](http://www.macromedia.com/go/getflashplayer%5B/url%5D) type="application/x-shockwave-flash" width="300" height="300" wmode="transparent"></embed></object></noscript>AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=7,0,19,0','width','300','height','300','src','flyer_banner','quality','high','pluginspage','http://www.macromedia.com/go/getflashplayer','movie','flyer_banner' ); //end AC codeEra para o mesmo ter fica transparente, porém não ficou. Estou usando o IE7 para testar. Alguém sabe se alguma coisa alterou no IE7?