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.
Blanche Lincoln wants to force the banks to put their derivatives into separate entities that aren't subsidized by you and me. This is just common sense. But it's the biggest battle in financial reform right now.
The most important fight from here on out is protecting the surviving elements of the derivatives bill crafted by Sen. Blanche Lincoln. Lincoln's bill would force big banks who deal derivatives to spin off those operations into separate companies.