The financial "reform" bill is still not law. One reason is the failure to cobble together enough votes to move past a filibuster. Russ Feingold explains his opposition:

Mr. Feingold said he wanted to reimpose Depression-era rules that would bar traditional banks from affiliating with investment firms, among other things.

"We need to eliminate the risk posed to our economy by ‘too big to fail’ financial firms and to reinstate the protective firewalls between Main Street banks and Wall Street firms," said Mr. Feingold, who is up for re-election this year. "Ending debate on the bill is finishing before the job is done."

Mr. Feingold also wants the bill to include additional restrictions, notably on the size and complexity of U.S. banks. Efforts to include specific amendments to address the issue either failed or didn’t get a vote. [emphasis added]

   He gets pretty close to the problem. The problem is not greed and incompetence–though that was a huge factor in the 2008 meltdown. The real issue, as I’ve pointed out for some time, is that Wall Street is just too big. Remember, even in the "good old days", Wall Street’s role in the economy was a combination of moving around a lot of paper and helping slash hundreds of thousands of good-paying job via leveraged buy-outs that certainly boosted the stock price of a whole lot of companies and enriched a lot of CEOs but contributed to the slide in the American Dream.