Financial reform: Where big banks win

Far from a broadside to the Masters of the Universe, the Dodd-Frank bill will benefit the biggest banks at the expense of smaller institutions. Newsweek’s Michael Hirsh has a good piece today on this that concludes, “Dodd-Frank effectively anoints the existing banking elite.”

I’ve been making this argument and prediction all along — what the Democrats have called “reform” is a gift to the biggest banks. Obama’s talk about battling the special interests, once again turns out to be bunk.