Dramatic as their language may be, Connecticut Sen. Chris Dodd's proposed reforms for the financial system are a long way from being worked into law. Advocates for consumers as well as business all have their likes and dislikes, and Republicans are notably quiet - at least so far - despite the fact Democrat Dodd's gone out of his way to incorporate their ideas into his work. Come to think of it, pretty much anyone with a vote has been pretty quiet since yesterday, which tells us this is simply another marker on the long road to resolving differences between the Senate's mood and the reform bill passed last year by the House. In other words: Stay tuned.
Concessions on financial reform bill yield few gains in Senate [Washington Post]
Wall Street Loses as Small Banks Win [WSJ]
Lehman plans to end bankruptcy [Reuters]
Lehman Whistle-Blower's Fate: Fired [WSJ]
Ex-Merrill Trader Is Banned for Mismarking Positions [Bloomberg]