that the financial reform bill introduced last year in Congress was inked, after a 20-hour negotiating session, at about 5 a.m. this morning. Included are the "Volcker rule," which prohibits banks from risking their own funds on capital market gambles, and a
of Sen. Blanche Lincoln's (D-Ark.) "no-derivatives" rule, which will actually allow the banks to trade most derivatives (not necessarily a bad thing; they use them to hedge interest rate changes and currency exchange rates).
That's interesting--do they mean something like
? As expected, the bill contains no curb on too-big-to-fail institutions. Banks will not be downsized, and they are still to be backed by Uncle Sugar--as soon as they can figure out how to get around these carefully-wrought rules and
. Give 'em a week.