Financial Reform? Not So Much

We’ve waited more than a year for the promised “sweeping” financial reforms that would protect investors and consumers, and prevent greed and unscrupulous behavior by banks and Wall Street firms that periodically ends in financial and economic meltdowns.

The awaited reform bill has been finalized and its acceptance by both houses of Congress is expected within a few days. Unfortunately, when we look back a year from now I expect we’ll be saying it’s business as usual in the financial sector.

Oh sure, there are some changes, even some serious changes that financial firms will have to work around and through, some inconveniences, some protections for consumers from the most egregious activities, some protections for investors, but some serious situations that affect investors left untouched.

A few highlights:

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