IE9 wmode transparent is showing background color in the flash player

Question

I'm having a little problem with IE9 and wmode transparent. This works good in Chrome and FireFox.

I am using Windows 7 (64-bit). My flash played version is 11.7.700.224

I recently made a change to my embed video in order for dropdown list to display correctly but this correction introduced something else.

I can hear the audio no problem but the video is white (since my background is white) and if I put a black background color it will show up okay.

You can test it here or see below for the code.

http://jsfiddle.net/xB43z/2/

This is how I use it.

<object>
    <param name="movie" value="http://www.youtube.com/v/r2Z93vUmN6M?version=3&amp;hl=en_US&amp;wmode=transparent&amp;rel=0"></param>
    <param name="allowFullScreen" value="False"></param>
    <param name="allowscriptaccess" value="always"></param>
    <param name="width" value="420">
    <param name="height" value="240">
    <param name="wmode" value="transparent"></param>
    <embed src="http://www.youtube.com/v/r2Z93vUmN6M?version=3&amp;hl=en_US&amp;wmode=transparent&amp;rel=0" type="application/x-shockwave-flash" width="420" height="240" allowscriptaccess="always" allowfullscreen="False" wmode="transparent" ></embed></object>
</object>

Any ideas?