Under the rules governing high finance, bankers can win every time. They're essentially serving as "the house" within a vast global casino. That yields a lot more cash than moving the nation's savings into productive investments.
Along comes a great whitewash orchestrated by the New York Times and their star financial reporter, Andrew Ross Sorkin, giving succor to those who would do away with the Volcker rule in the new financial reform legislation.
If after all the fanfare, photo ops, and promises to fight, the Obama administration shamefully doesn't manage to get the Volcker rules into an already weak financial reform bill, I hope Volcker doesn't wait until the next life to speak out.
Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.
Some version of Wall Street reform is going to pass the Senate this week, but before it does, there are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business.