Volcker's Reforms Will Be Stiff-armed?

Ticker brings the news.

A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter

...A Dodd staffer said the senator is likely to quietly drop or modify many of the recommendations in the Volcker rule to ensure Republican support for regulatory reform.

The retroactive "tax bonus" idea is odious. But the 'proprietary trade' thing is eminently sensible.

Ticker mentions necktie parties. I kinda prefer pitchforks, used horizontally.

Volcker is hardly a LeftOWacky. And clearly, Phil Gramm's bright ideas did NOT work. See Bear, Stearns, Lehmann, Citi....