Whew! That was close! After 18 months of threats, saber rattling, and posturing about the demise of the competitiveness of the American banking system, we finally have a financial reform bill, although it has more holes than a hunk of Swiss cheese.

There is no return of Glass-Steagall, no breakup of the big banks. Crucial definitions, like one for "proprietary trading", got lost in the Bermuda Triangle.

An industry that was sweating bullets poured tens of millions