Financial reform kabuki
The big banks aren't broken up; no CEOs in orange jumpsuits doing the perp walk; no mention of accounting control fraud. The same people who caused the last crash are still in power, still doing the same thing, and it's all going to happen again. And then there's this little detail:
In a response to a public outcry over bank bonuses and multimillion-dollar compensation packages, the legislation also gives shareholders the right to cast nonbinding votes on executive pay packages.
Well, that's certainly responsive to populist outrage. Seriously, what do these people want?
The Fed would set standards on excessive compensation that would be deemed an unsafe and unsound practice for the bank.
Fox, meet henhouse.
Seriously, if the banksters aren't out on the window ledges and threatening to jump, then the bill's too weak. Heard any screams of pain from Obama's "savvy businessmen"? No? Then the bill is a sham. Quelle surprise.
NOTE And, oh yeah, the Consumer Finance Protection Agency is under the Fed. Great.