05/26/2010 09:08 am ET Updated May 25, 2011

Senator Blanche Lincoln, The Last Hold Out Against 13 Bankers: Simon Johnson

By now you have probably realized -- correctly -- that "financial reform" has turned into a victory lap for Wall Street.

When they saved the big banks, with massive unconditional support (both explicit and implicit) over a year ago, top administration officials promised they would be back later to fix the underlying problems. This they -- and Congress -- manifestly have failed to do.