If there is one phrase that will be printed in every history book discussing the financial meltdown of September 2008, it will be “too big to fail.” Since that time we’ve been treated to a litany of epithets denouncing the evils of capitalism (as if that had anything to do with government bail-outs) and the criminality of greedy bankers who brought our economy to the brink of collapse. We were assured by President Obama and our leaders in Congress that they would usher in sweeping new laws and regulations, leashing Wall Street to the interests of the American people under the control or our federal government. Never again, we were promised, would firms deemed “too big to fail” be allowed to take dangerous financial risks that could impact the taxpayers and destroy the economy. After an all-nighter conference meeting between the Senate and House, Finreg has emerged as the vehicle to do just that … and it will fail remarkably.

As Daniel Foster noted in his article entitled “‘Wall Street’ ‘Reform’ ‘Compromise’ Reached”: