07/08/2010 02:46 pm ET Updated May 25, 2011

Wall Street Exec On Financial Reform: Banks 'Dodged This Whole Thing'

I asked him about how seriously Wall Street takes the upcoming financial regulation. "It's taken seriously only how it could impact profits, not taken seriously in how they could solve problems," he said, meaning that it may make life on Wall Street slightly harder, but it doesn't solve too-big-to-fail. "It's truly stupid. The banks did okay and dodged this whole thing. But having said that, it's not only incompetent proposals, it's actually a negative because it's making people think problems are fixed."

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