But having proposed a tough rule — shares in Goldman Sachs (GS) and other big banks got walloped the day of the announcement — the administration then stood aside as the language got watered down in Congress.
Though this is hardly unusual in itself, it meant Obama punted on what now looks like his last chance to reform the big banks. After all the damage bankers did with their bonus-boosting high-stakes gambling, this doesn’t exactly register as a profile in courage.
The full column is worth a few minutes of your time . . .