Financial 'Reform' Bill - Reconciled, Edges Tinkered, Not Actual Reform

Senator Chris Dodd may have cried out of sleep deprivation when a Senate-House financial reform' agreement was reached early this morning, after 20 hours of debate (twice that of the epic Wimbledon match), but when the drama wears off, he should be crying because this bill will not prevent another crisis, nor meaningfully alter the way Wall Street does business. It does not fundamentally restructure or break up big banks, nor bring back Glass Steagall, nor halt excessive complex asset or derivatives transactions or 'hedge' oriented trading. Plus, it leaves the Fed in charge of policing a system comprised of mega banks of the Fed's own making. Yes, there are slight cosmetic positives, but any good trader can ram right through them.