In a recent Bloomberg article, it seems much of Wall Street sees sensible reform, like reinstatement of the Glass-Steagall Act (which separated commercial and investment banking) as "war on Wall Street."  But Glass-Steagall helped eliminate fraud and conflict of interest, making it illegal for banks to act as their own investment arms' subsidiary ratings agency.  So empowered, they could approve any type of  loan and fund poor and risky investments, regardless of long-term consequences, all for a quick profit in fees and other earnings (a la subprime securities). It was the fox guarding the hen house, funding the devouring of its tenants.

However, we must ask, hasn't Wall Street waged its own war, albeit quietly, on the taxpayer, economy, and average investor, by building a house of cards for a quick buck, on all these risky financial instruments, which are turning sour? 

We think regulating the banks and businesses with the unlaissez-faire notion resulting in top execs earning $5 or $10 million a year without bringing down the system, instead of $50 to $100 million and ruining everyone else, is better.

We are relieved that some financial giants, like Volker and others, agree. I say let's really regulate the financial system and ban the practices that defy good sense (and even longterm profitable investment practices). We hope sense will reign, instead of co-opting it with the weapon that has the  potential of fomenting further financial ruin by preventing meaningful reform: business industry lobbyists.

The Bloomberg article, "War on Wall Street as Congress Sees Returning to Glass-Steagall" at: 

http://www.bloomberg.com/apps/news?pid=20601109&sid=aeQNTmo2vHpo&pos=10#