MSM seesPaulson's 218 page deregulation of Wall Street and notes only Investment Bk disclosures

For last 3 years Treasury has been working on gutting the reforms put through as a result of the ENRON fraud - http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act - the Sarbanes-Oxley Act - saying that our "over regulation" of our markets has cause New York to lose out to London and London's less onerous oversight and disclosure.

Now the FEDERAL Reserve changes the rules and makes itself the lender of last resort for Investment Banks - leaving the American Taxpayer exposed to unregulated financial company risk, and Bush uses this to push through his "more London like" ideas.

So far today the talking heads on the financial shows seem not will to point out what is going on - and MSM network and paper are equally silent. Indeed, not even one comment about how limited the new rules are for investment banks compared to those for commercial banks.

But Wall Street understands, as spin offs of commercial banks seem suddenly the to-do/to-review item of the day - as in who needs commercial bank subsidiaries if we can get easier access to the Fed's free money as a simple investment bank.

Maybe tomorrow there will be some analysis worth reading.

How do they propose to restore confidence with these measures?

Or is this simply a ploy to complete the looting before the next election?