Financial Reform Bill A 'Bonfire Of The Loopholes,' Will Make Banks Even More Powerful: Michael Hirsh

President Obama and leading Democrats are calling the "Restoring American Financial Stability Act of 2010" the greatest overhaul of Wall Street since the Great Depression. And that may well be true. But judging from the many loopholes in the legislation--with more to come as the banks maneuver stealthily to tweak the final product in conference--the new bill might be better termed "the Accountants' and Lawyers' Welfare Act of 2010." The bottom line is that despite the blizzard of amendments and provisions added--including some very smart changes at the 11th hour, like imposing greater control of ratings agencies--what's likely to emerge on the other side of this in the years to come is a Wall Street that's largely unchanged if marginally more regulated.

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