Kanjorski Amendment

Looming losses from ForeclosureGate qualify as the sort of systemic risk warranting the breakup of the too-big-to-fail banks under the Financial Reform Bill.

The bank lobbyists, it turns out, missed one. They and their congressional allies were able to gut the Volcker Rule, the Lincoln Amendment, and almost everything else that could have had an effect on the industry.

The Kanjorski amendment is important for the next time a major bank gets into serious trouble. Judging from their current swagger and the slogans you hear from top bankers, we only have to wait a few years for the next bailout cycle.