Sense on Cents

While many in Washington and elsewhere will look to collect political points for bringing reform to Wall Street, those watching closely knew all too well that the blueprints for this reform were always subject to massive change.

So has Dodd-Frank brought real reform to Wall Street? If you believe so, I would invite you to become a charter member of The Gullible Club.

Let’s dispense with the formalities. Wall Street ultimately answers to nobody but itself. As such, we can unload another truckload of dirt over the casket holding Dodd-Frank.

While many observers of the financial and political scenes are not inclined to draw attention to this service, fortunately those at Bloomberg view this funereal undertaking more seriously. I thank them as they recently pulled back the cloak on Dodd-Frank to reveal a Wall Street dagger protruding from its midst. (more…)