05/29/2010 11:15 pm ET Updated May 25, 2011

Gretchen Morgenson: 3,000 Pages Of Financial Reform Still Not Enough

For decades, until Congress did away with it 11 years ago, a [34-page] Depression-era law known as Glass-Steagall ably protected bank customers, individual investors and the financial system as a whole from the kind of outright destruction we've witnessed over the last few years.


The two bills that the Senate and the House are currently chewing over as part of what may be a momentous financial reordering weigh in at a whopping 3,000 pages, combined.

Yet despite all that verbiage, there are flaws in both bills that would let Wall Street continue devising financial black boxes that have the potential to go nuclear. And even if the best of both bills becomes law, investors, taxpayers and the economy will remain vulnerable to banking crises.

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