Why US Financial Regulation Failed--and Will Continue to Fail

As long as we have an Office of the Comptroller of the Currency that kowtows to banks and a toothless Securities and Exchange Commission that couldn't find a violation if it was in bed with it (wait a minute--the SEC is in bed with the violators!) financial regulation is doomed to failure. Here's a decent summary of where we find ourselves now. With the Republicans assuming power in the House and people like Spencer Bacchus acknowledging how beholden Republicans are to the banks, reform has little chance of succeeding.