from Washington's Blog. Get the real scoop on the much ballyhooed US Senate passage of the so-called financial reform bill. It only awaits a Congressional conference to become law after the signing by Obama.
The Senate passed a financial "reform" bill today by a 59-39 vote which won't fix any of the core problems in the financial system, and won't prevent the next financial crisis.
The bill doesn't include the Volcker Rule (it wasn't even debated), doesn't break up or even substantially rein in the too big to fails, and doesn't force transparency in the derivatives market.