I don’t know if this report will delay the rush to settlement. But it calls into sharp relief what will be settled: years, decades actually, of ongoing fraudulent conduct.

If you were to ask me where Wall Street reform stands right now, I’d give it an incomplete. Well, actually I’d give it a C. There are some decent measures in the Senate bill, even a couple transformative ones, but overall some gaps in the regulatory structure remain, and the same financial oligarchs will have the ability to overrun the system, if in different ways.