Matt Taibbi: How Wall Street Killed Financial Reform
Here’s Matt Taibbi, on just how hard it is to pass any sort of financial reform legislation with any teeth on it:
The fate of Dodd-Frank over the past two years is an object lesson in the government's inability to institute even the simplest and most obvious reforms, especially if those reforms happen to clash with powerful financial interests. From the moment it was signed into law, lobbyists and lawyers have fought regulators over every line in the rulemaking process. Congressmen and presidents may be able to get a law passed once in a while – but they can no longer make sure it stays passed. You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again. "It's like a scorched-earth policy," says Michael Greenberger, a former regulator who was heavily involved with the drafting of Dodd-Frank. "It requires constant combat. And it never, ever ends."
In his entertaining talks, Matt Taibbi brings to the stage the same sense of indignation and clear-eyed reporting that has animated his very necessary body of work on financial reform.