The latest gaudy numbers (including bonus pool numbers) may have been too much of a thumb in the eye for Washington. It may have finally resonated with politicians that maybe, just maybe Wall Street is not to be trusted after a comfortable bailout. Yes, most sane people still believe the banking bailout was required to avoid an even worse situation. Unfortunately with the Wall Street types have no idea how to show appreciation for a generous offer to save their jobs and posh lifestyle. They may start to get it now that Obama and Congress are feeling the heat from voters.
Barney Frank, chairman of the House Financial Services Committee and a chief architect of the financial regulation overhaul, declined Friday to give details on the administration's new bill, which would give the government the power to dismantle large financial companies that get into crises.
The new draft bill is expected to take a tougher stance toward troubled financial firms than the administration's original plan, and may take out some language that would allow for temporary bailouts.
