The HSBC money-laundering settlement demonstrates conclusively that the Dodd-Frank reforms have not ended so-called "Too-Big-to-Fail" problem. The outrage about HSBC getting off so lightly has been too narrowly focused.
Will Jamie see how self-defeating such an approach and attitude ultimately is? Will Wall Street move even lower in the opinion of the American people? Those are the questions confronting Jamie and Wall Street at this electoral cross roads.
Consumer frustration has only grown in the year since Bank Transfer Day as bank fees have continued to rise. It's time to make it easier for consumers to move their money so they have a real choice when it comes to where to bank.
Unleashing a deregulated Wall Street again will only make the next crash and crisis inevitable. Unfortunately, it'll likely be much worse next time than it was this time, which cost or will cost more than $12.8 trillion.
Finally, the SEC has begun to take some action. It's made a lot of progress in just a month, but a lot more needs to be done, as a series of reports written by David Weild for the accounting firm of Grant Thornton makes clear.