But then something unforeseen happened: Legendary Fed Chairman Paul Volcker, a hero to Wall Street reformers and scourge of megabanks, penned a letter to Banking Committee Chairman Chris Dodd proclaiming that the Lincoln approach overreached. Volcker was quite possibly the only person in America with the credibility to stop the Lincoln provision--similar pleas from the administration, the Fed, and the FDIC all seemed to fizzle in recent weeks--and it looks like his intervention is having the desired effect. But before the industry rushes to celebrate Paul Volcker as its savior, it should remember why it feared him in the first place.
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